TLDR: Does trustworthy financial advice in Australia, including in relation to UK pensions and a US 401k, exist?
Hi All,
I think my spouse and I need financial advice but our situation is a bit unusual and I've been unable to find a planner that can help.
Our situation:
Me: 47, Aus/UK citizen
$390K Aus super
£200K in UK pension
Spouse: 54, Aus/UK/US citizen
$220K Aus super
£80K UK pension
USD430K in 401K
- Two kids (10 and 13 in private school).
- Lived in Australia for 10 years, not planning to move anywhere in future.
- Home worth about $3M, mortgage $1M of which $650K is offset or in redraw.
- £230K cash - soon to be moved here to fully offset/pay mortgage.
- Pre-tax combined income roughly $500K per year.
- Only debt is a novated car lease.
We really need advice on what, if anything, to do with our overseas pensions. Plenty of places seem to offer QROPS transfers for the UK but all seem to be interested in transfers only (presumably because they make money on it) without considering whether this is actually in our best interests. As far as I can tell there's not much we can do about the 401K except draw it down and be taxed at marginal rates when in the retirement phase.
Assuming we need advice, does independent, experienced advice exist? Someone who can also offer general financial planning advice would be a bonus. Or am I seeking a unicorn? I'm reasonably financially savvy but I'm not confident we can navigate this on our own.
Hi All,
I think my spouse and I need financial advice but our situation is a bit unusual and I've been unable to find a planner that can help.
Our situation:
Me: 47, Aus/UK citizen
$390K Aus super
£200K in UK pension
Spouse: 54, Aus/UK/US citizen
$220K Aus super
£80K UK pension
USD430K in 401K
- Two kids (10 and 13 in private school).
- Lived in Australia for 10 years, not planning to move anywhere in future.
- Home worth about $3M, mortgage $1M of which $650K is offset or in redraw.
- £230K cash - soon to be moved here to fully offset/pay mortgage.
- Pre-tax combined income roughly $500K per year.
- Only debt is a novated car lease.
We really need advice on what, if anything, to do with our overseas pensions. Plenty of places seem to offer QROPS transfers for the UK but all seem to be interested in transfers only (presumably because they make money on it) without considering whether this is actually in our best interests. As far as I can tell there's not much we can do about the 401K except draw it down and be taxed at marginal rates when in the retirement phase.
Assuming we need advice, does independent, experienced advice exist? Someone who can also offer general financial planning advice would be a bonus. Or am I seeking a unicorn? I'm reasonably financially savvy but I'm not confident we can navigate this on our own.
Statistics: Posted by Disco77 — Sat Jun 22, 2024 6:35 pm — Replies 0 — Views 95