Do I really need advice about my own financial affairs?
The right financial advice from a qualified financial planner can make a big difference.
In a nutshell, the right advice can help you:
- set your financial goals and achieve them
- make the most of your money
- get any government assistance you’re entitled to
- feel more in control of your finances and your life
- avoid expensive mistakes
- and perhaps most importantly, protect your assets.
Good financial advice can give you confidence that your plans are achievable.
It doesn’t matter what stage of life you’re at, if you’re not on track to achieving your goals, financial advice can help you put the right strategies in place, or come up with more realistic goals.
How much money do I need to retire?
The amount of money you will need to retire is dependent on your individual circumstances, your level of debt, and what lifestyle goals you hope to achieve.
One of the best ways to give you an indication of what amount of money is needed to retire is to use a retirement calculator such as the MoneySmart Retirement Planner.
How much life insurance do I need?
How much cover you need is dependent on your personal needs and circumstances.
When considering life insurance, it is important to ensure enough coverage for your personal needs. That means depending on your financial commitments and plans, such as mortgage or rental payments, living costs, school fees etc… all these factors will determine how much insurance is right for you.
Strategies For Life can offer you advice and recommend how much insurance you should apply for once they have discussed some of the factors mentioned above with you.
Once your cover is determined and put into place, it’s not something you need to revisit frequently unless your circumstances change dramatically.
So it’s an excellent exercise to take the time to get it right.
What information do I need before I speak with a Financial Adviser?
It’s a good idea to gather as much accurate information about yourself before you sit down with a Financial Adviser.
Good advice depends on a clear picture of your financial situation and your adviser will need to collect detailed information about you to determine your needs and objectives.
Give your adviser the most accurate and up-to-date information you can. If you are not honest with your adviser or leave things out, you could get advice that’s wrong for your situation.
An example of the information you will need for retirement advice:
- A list of what you own – your home, savings, super, car, shares and other investments
- A list of what you owe – debts, including mortgages, loans and outstanding credit card balances
- Your income and expenses/budget
- What insurance do you have and for how much?
What is Income Protection and why would I need it?
If illness or injury leaves you unable to work for a short or long period, the impact on your finances and plans can be serious. An income protection policy can be put in place to help soften the blow, usually offering up to 70% of your current income to be paid to you in place of your regular income while you recover.
The replacement income is usually paid monthly, taking away some of the typical financial stresses during recovery and helping to protect future financial plans.
We all probably know someone who has experienced an illness or accident that has stopped them from working.
You might think it won’t happen to me, but that’s what insurance is all about. we hope it’s never needed, but if something does happen it provides great peace of mind to know you have a strategy to help deal with it.