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How a financial planner can help plan for your retirement

How a financial planner can help plan for your retirement

Over time, rules and regulations change, as do individual circumstances, and your financial strategies may need to change with them.

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.

This document 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 document 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.