Year 2 scenario In year 2 when Jim is 63, his father passed away leaving him an inheritance of $300,000. The share market suffered some dramatic losses in June of the previous year and Jim's super account balance fell to $1.3 million as at 30 June of the previous year. Jim is not concerned about the losses as he understands the volatile nature of equities and his investments are still producing dividends. 7. Is Jim able to contribute his $300,000 inheritance into his super fund? Explain your answer. 8. As Jim is now 63 years old, he is considering retirement in about 12 months' time and you have been discussing the retirement income stream phase with him. Explain to Jim how giving the $300,000 from his inheritance to Mandy to contribute to her super fund would enable them, as a couple, to have a higher balance in the retirement income stream phase. 9. Why may it be more beneficial to have as much money invested in the retirement income stream phase as possible compared with leaving it in the accumulation phase? 10. If a client already has sufficient cashflow from other investments outside of superannuation, what is a potential downside to transferring money to a retirement phase income stream?