That's why even the most financially savvy people can often benefit from expert advice to ensure the lifestyle you are aiming for, particularly in retirement, is achievable.
Daniel Leow, a Commonwealth Financial Planner based in Victoria, says that in planning for the future, there are some key questions worth 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.
“It’s definitely a strategy worth considering, but exactly when and how it is implemented needs to be part of a long-term discussion with your financial adviser," Leow said.
"It’s about identifying what the end picture looks like and finding the best ways to work towards that.”
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 does come down to the individual and their circumstances, Leow says.
“Such a strategy does carry risk. A financial planner can assist you in assessing the appropriateness of this strategy for you and can also assist you in understanding the associated risks.”
How can you be sure you’ll be able to retire when you want?
“A lot of clients I speak to are in their 50s,” Leow says. “[In this scenario] we have a discussion about what your plans are for the next five to 10 years.
“It is important to consider what type of retirement lifestyle you want as well as your current financial situation. We work with you to understand any gaps and put a plan in place to help reach your retirement goals.
“We look at what strategies can assist you to reach your goals, including considering how tax-effective your investments are”.
How effective are your insurance policies?
“Adequate insurance means that if something goes wrong you will still be in a position to protect your lifestyle and achieve your goals.” Leow says.
“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.
See more on Commonwealth Financial Planning.