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.