Financial Life Phases

Have you reviewed your super recently?

You have moved into a phase of taking responsibility for your financial future, things might be a lot different to when you were young– the most obvious being more responsibility.

We know your time is precious and generally divided between work, maybe you have children and managing your home. And thinking about your super is probably the last thing on your mind.

However, your super is one of the most important assets for you and your family, and isn’t just a set- and-forget investment.

As your needs and priorities change over time, your investment mix and asset allocation may also need to change. And, depending on where you are in life, you may be willing to take on more investment risk, while at other times, protecting the money you’ve saved will be more important.

Other factors to consider include consolidating all your super accounts into one and being aware of ways to boost your retirement savings while reducing your tax.

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We all understand how busy life can be juggling career, active social life and maybe investing in your first property.

Protecting your lifestyle?

Reviewing your insurance is probably the last thing on your agenda right now. You may think your existing insurance inside super is enough, but here are some things to consider.

What would happen if:

  • You couldn’t pay the rent or mortgage?
  • You couldn’t make your monthly credit card repayment?
  • You couldn’t afford to socialise and catch up with friends?
  • You were unable to work?
  • You couldn’t maintain your share portfolio or investment property?
  • You couldn’t save for your big travel adventure you’ve been planning for years?
  • You couldn’t afford to keep your mobile, gym membership or car?

Insurance helps make it really easy to keep your plans and all your hard-earned cash, even if the worst were to happen.

We have associated professionals in the insurance industry that we can refer you to for comprehensive advice.


Making your money work harder for you.

While it can be tempting to focus on the short term, if you’re in a position where you have some disposable income, using it wisely now can help you start building for the future.

Whether you’re considering getting on the property ladder, looking at tax effective investments or boosting your superannuation savings, starting to build your wealth may be something you’re already thinking about.

The good news is that there are many options available to you to begin getting your money to work harder for you.

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Your children are grown up and have most likely started their own lives and families, plus your work is winding down.

This leaves you and your spouse with time to focus on the things you may have delayed or put off because of family commitments.

Preparing for retirement

Retirement is just around the corner. And while many investors in their 40s and 50s are planning for 20 years in retirement, there’s a good chance their retirement will last 30 years or longer.

The risk of not having enough savings at retirement is one of the key challenges for retirees. So it makes sense to make sure your current plan is right for you, and will provide you with enough money to live comfortably for the rest of your life.

Each person’s idea of a comfortable retirement is different and it’s difficult to know exactly how much you’ll need to achieve the lifestyle you want. Once you know how much you need to save, you can then plan how you’re going to achieve the retirement you want.

 

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Retirement Planning

You’ve stopped work altogether, or you may be working part time to keep yourself active.
Whichever approach to retirement you’ve taken, now is your time.

Making your retirement savings last

These days you can look forward to a longer retirement than ever before, with the current life expectancy for a 65 year old being 80 years for a man and 84 years for a woman.

So while many people plan for 20 years in retirement, there’s a good chance your retirement will last 30 years or longer.

By understanding how much you’re likely to spend each year of your retirement, you can put a plan in place to make sure your savings last.

Port Phillip Financial Services can help you develop a retirement budget that will cover:

  • all of your known expenses
  • any known income you’ll have such as return on investments or bank deposits, and extra things you’d like to spend money on like a holiday, new car and house renovations.
  • Other factors to consider for the retirement phase of your life are the income stream options available to you, protecting your retirement savings and estate planning.
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A 1/73 Canadian Bay Rd, Mount Eliza VIC 3930 
E advisor@portphillipgroup.com.au
P (
03) 8790 7700

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Port Phillip Financial Services Pty Ltd is a Corporate Authorised Representative of Eventus Wealth Management Pty Ltd (AFSL 335815).
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03 8790 7700Level 1, 73 Canadian Bay RD
Mount Eliza, VIC, 3930