Retirement modelling: where AI gets it wrong, plus EOFY traps every retiree should avoid
Show notes
Drew Meredith and James O’Reilly on why AI-built retirement modelling routinely gets the numbers dangerously wrong, plus the end-of-financial-year traps and condition-of-release tricks every Australian retiree should know before June 30.
In this Australian Retirement Podcast episode, your hosts Drew Meredith, from Wattle Partners, and James O’Reilly, from Northeast Wealth, work through five high-stakes mistakes they keep seeing in DIY retirement plans — from AI tools that forget income tax and the age pension, to notice-of-intent timing errors that quietly delete tax deductions worth tens of thousands. They also unpack a clever (and entirely legal) condition-of-release strategy involving the Census, plus how to think about gifting an adult child a house deposit without blowing up your own retirement.
Topics covered
- Why AI-built and industry-fund retirement calculators keep missing income tax and the age pension
- Treating AI like a sharp intern — useful, but you still have to check the work
- End-of-financial-year planning: why “June” is too late and what to be doing in March and April
- Notice of intent to claim — the timing trap that quietly deletes tax deductions
- Excess concessional contributions: how the ATO’s flexibility has changed the game
- Property settlements vs exchange-of-contracts — why the date you assume isn’t the tax date
- The Census condition-of-release trick: unlocking tax-free super after 60
- Cash-out and re-contribution — saving adult-child beneficiaries tens of thousands in tax
- How secure are annuities really? APRA, statutory funds, and what the government guarantee does (and doesn’t) cover
- Gifting an adult child a $150k house deposit — gifting limits, the 5-year deeming rule, and why a guarantor arrangement is often the better move
Resources for this episode
- ATO myGov — check your concessional cap and carry-forward space
- ATO — Notice of intent to claim a deduction for personal super contributions
- Services Australia — Gifting and the age pension
- Challenger — Australia’s biggest annuity provider (mentioned in the annuities discussion)
– Ask a question (select the Retirement podcast)
Show partner resources
– Visit TermPlus to learn more
– Have the chance to win a 5k travel voucher. Take the TermPlus survey here (last entry 31st of May)
Rask Resources
Follow us on social media
– Instagram: @rask.invest
– TikTok: @rask.invest
DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
Learn more about your ad choices. Visit megaphone.fm/adchoices