How Can A Financial Planner Help Me?

Who do you turn to for good financial advice? For many, it’s a trusted family member or good friend. While we know they have our best interests at heart, accepting financial advice from someone without the right level of knowledge, experience or qualification could seriously hamper your financial future.

Considering an estimated five million Australians won’t have enough to achieve an adequate lifestyle in retirement¹, seeking financial advice from a qualified financial planning professional becomes critical.

Of course there’s much more to financial advice than just retirement planning. Good advice can help you take charge of your daily financial commitments and ensure you are in control of your financial future, no matter what life throws at YOU.

Even when you face additional and sometimes unexpected financial commitments – like expecting a child, taking on a new or bigger mortgage, paying for a child’s schooling, or meeting unexpected medical expenses – working with a qualified financial planner will help you to navigate through life’s surprises and challenges with confidence and peace of mind.

Financial planning is for people of all ages

20′s – Time to get smart with your money

Whether you’re studying, working or travelling, living at home or with friends, saving to buy your own place or you have a mortgage, now is a great time to get smart with money.

The choices you make and the habits you form in your twenties may impact how much financial freedom you have through the years and even decades ahead.

Financial things you should be considering in your 20′s could include

Manage your cashflow and debt
Bust bad debt, go for good
Start a regular investment
Kick-start your super
Make good choices for super

30′s and 40′s – Get a grip on your finances

You and your partner may be well-established in your career and might even be doing further study. But over the years you may have accumulated responsibilities which require money. You might want to renovate your home, pay for your children’s education, enjoy an amazing holiday or build your investment portfolio. Or you may simply be wondering how you can better organise your finances so you have more freedom to choose.

In your 30′s and 40′s you should consider:

Pay off ‘bad’ debt
Consider consolidating debts and super accounts
Invest regularly and re-invest earnings
Borrowing to invest
Take out adequate insurance
Be smart with super
Salary Sacrificing
Super vs. Mortgage
Bring forward contributions
Review your Will

50′s – Preparing for retirement

You have probably got on top of a lot of responsibilities in life and might be looking to make more lifestyle choices for yourself. If you have children, they are likely to be less dependent and may have left home. You might want to help fund your children’s further education or help them purchase a car or their own place.

It’s not uncommon for people in their 50s to be secure in their career, planning overseas travel and looking at growing their investment portfolio. Everyone over 50 should also be actively planning their retirement.

To prepare for retirement you should:

Review your risk profile
Get financial advice on borrowing to invest
Review insurance arrangements
Pump up your super savings
Accessing your super from age 55
Review your Will

60′s and beyond – Ensure your money lasts

You might have retired, be semi-retired or still be working full-time. Perhaps you want to help your grandchildren or children financially. You may even be considering downsizing your home to make sure your money lasts for a long time, and to support your lifestyle choices.

Quicktip

Any lump sum super withdrawal or super income stream you receive once you turn 60 will now generally be completely tax-free. But while there are increased tax benefits of starting a super income stream, there’s no obligation to start drawing on your super. You can leave your money in super as long as you want.

To ensure your money lasts you can:

Accessing your super while still working
Maximise government benefits
Accelerate your super savings
Use non-super assets to contribute to super or provide an income
Release other wealth
Review your Will