Archive: November 27, 2018

What is your aged care funding strategy?

November 27, 2018
When it comes to planning for retirement few of us think beyond the opportunity to travel and do all those things we’ve been putting off until we have more time and fewer responsibilities. It’s safe to say that moving into residential aged care is not on anyone’s bucket list. But as the population ages, it’s a possibility that few of us can ignore.

More than 3.6 million Australians, or 16 per cent of the population, are currently aged 65 and over.iThis is projected to grow to 22 per cent by 2061, or more than one in five.iiWe’re also living longer. The average Australian can expect to live into their 80siii, and many of us will live beyond 90.iv

That means more of us will need some form of aged care late in life. And as pressure grows on aged care service providers to cater for more people, the costs may rise.

Read More

Thinking about finances in your thirties

November 27, 2018

Whatever the goal, reaching age 30 is a turning point for many of us. Whilst it may mean life is getting more serious, by the time we’re in our 30s we’re keen to retain our individuality and remain determined to have fun. With a little planning you can make this age even more enjoyable.

The following stories may inspire you to start now to build a stronger financial future.

And now there are three

Jake and Sara have just had their first baby and two salaries are now one. Expenses have shot up and together with the emotional challenges a young baby brings, they have to juggle their money to cope. Not wanting to return to full-time work yet, Sara applies for Family Tax Benefits to help make ends meet. Both now realise they should have thought of that earlier and adjusted their budget accordingly.

Getting treatment when you want it

Mike is an all-round sportsman and at age 35 his niggling injuries send him to the physio more often than he’d like. He enquires about private health insurance and learns that, on top of his premium, he will pay a Lifetime Health Cover loading of 2% for every year over 30 where he didn’t have private hospital cover. This means he will pay an extra 10%. Although he qualifies for a tax rebate which gives some reprieve, Mike wishes he had taken out health cover before he turned 30.

Play safe with loved ones

Lucy always wanted kids and now has three under the age of six. Being a stay-at-home mum is her passion. Husband Chris loves his young family and would do anything for them. One day he is knocked off his bike riding to work and spends a month in a coma after which he faces a long period recuperating. Chris had Total and Permanent Disablement cover in his super fund but it didn’t pay out because he is expected to recover. His leave entitlements were quickly used up and Lucy and the kids struggled. Income protection insurance would have made life more bearable for this family during this awful time.

Keeping what you’ve earned

34-year-old Jennifer has hit the jackpot. Her career took off two years ago and she’s earning more money than she ever imagined. But she’s horrified at how much tax she’s now paying. A friend refers Jen to a financial planner and she learns about strategies like salary packaging, salary sacrificing, and that investing in shares and property can save her tax as well as build her personal wealth. If only she’d asked earlier.

Every person will be at a different stage in meeting their lifestyle and financial goals by age 30. Regardless of whether you are well on the way, just getting started or haven’t even set your goals, there’s no time like the present to come and have a chat to us about how you can make the most of this exciting time in your life.

Helping your kids learn about money

November 27, 2018

Do you ever take your child to the supermarket and let them hand the money to the cashier? Perhaps they’re applying their newfound counting skills to sorting out your spare change? Or maybe they’ve got their first piggy bank to stash away a few cents here and there? These things aren’t just cute ways to keep them entertained. Whether you know it or not, your children are already developing a relationship with money that will last a lifetime. 

Read More

Homing in on your retirement wealth

November 18, 2018

The ‘great Australian dream’ of home ownership is fairly widely accepted these days. It’s seen as natural to want to own your own home – or more specifically, a stand-alone home on a quarter acre block. But when you ask people why they want to own a home, it gets a bit more complicated. Things like security to raise a family, the ability to renovate and decorate, and the freedom to own pets are often cited. But those objectives shift when you’re heading towards retirement. That’s why it’s important to think about the role that homeownership plays in your overall retirement plan.

From the time you buy your home, to the life of your mortgage and beyond, the way you deal with your home as an asset can have a big impact on your quality of life once you’ve retired.

Read More

Covered at every age

November 13, 2018

Life insurance is something that too many people set and forget. Or worse, don’t look at until they’re older. Some people think that the life insurance within their superannuation will be enough, when in fact it’s usually a bare minimum of cover that needs topping up. The truth is that, from the time you have your first proper job to the end of your life, you’ve got life insurance needs – and they change just as often as your lifestyle and personal proclivities.

Read More

Travel destinations to get the most bang for buck

November 5, 2018

Aussies love travelling overseas – it’s a simple fact. According to ABS stats, more of us head abroad for our holidays than ever before (ABS, 3401.0). This is despite the fact that the Aussie dollar hasn’t fared too well of late, making it more expensive for us to get our hands on other currencies to make purchases at our destinations.

So how does one afford an overseas holiday with an underperforming Aussie dollar? It’s not necessarily about resorting to hitchhiking and staying in backpacker hostels. Rather, it’s about being smart with your choice of destination. There are a number of countries around the world where luxury hotels, shopping and local activities are still affordable for Australians.

Read More