That's why even the most financially savvy people can often benefit from professional advice to ensure the lifestyle they’re aiming for, particularly in retirement, is achievable.  

In planning for the future, there are some key questions worth considering and if you don’t have the answers, a financial planner may be able to help.

When should you consider transferring investments into super?

Transferring investments into super may bring some tax advantages and may also assist in simplifying affairs. A financial planner may be able to help you determine if and when this may be a good solution, as well as how to do this. 

Is it a good idea to leverage assets?

If you have assets such as equity in your home or an investment property, it is possible to borrow against those assets to make further investments, but the suitability of this approach comes down to your individual circumstances. A strategy like this carries significant risk and a financial planner will help you understand what these risks are and whether this is an appropriate strategy. 

How can you be sure you’ll be able to retire when you want?

It is important to consider what type of retirement lifestyle you want as well as your current financial situation.

The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard has researched some benchmark annual budgets that might give you some idea of what you could need for a ‘comfortable’ or ‘modest’ retirement lifestyle.

If you don’t feel you’re on track to meet your goals a financial planner may be able to assist you in developing a plan and strategies to help.

How effective are your insurance policies?

Adequate insurance means that if something goes wrong you should still be in a position to protect your lifestyle and achieve your goals.

Insurance tends to get more expensive as you age and it’s important to look at what events your insurance covers.

A full review of insurance policies is important to help make sure you have the best possible cover for your circumstances.

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Things you should know

This article contains general advice only. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial planner before making any financial decision based on this information. This document has been prepared by Commonwealth Financial Planning Limited ABN 65 003 900 169, AFSL 231139, (Commonwealth Financial Planning) a wholly-owned, but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. Commonwealth Financial Planners are representatives of Commonwealth Financial Planning. 

Information in this article is based on current regulatory requirements and laws. While care has been taken in the preparation of this document, no liability is accepted by Commonwealth Financial Planning, Commonwealth Financial Planning related entities, agents and employees for any loss arising from reliance on this document. Taxation considerations are general and based on present taxation laws. You should seek independent, professional tax advice before making any decision based on this information. Commonwealth Bank is not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.

Before you make a decision about your combining your super if you multiple accounts, you should compare the costs, fees, risks and benefits of each super fund. It makes sense to consider whether you can replace any insurance cover you may lose when you bring your accounts together, as well as any costs for withdrawing from other super funds and any investment or tax implications.