I'm 42, on top of my game at work, earning great income for Sydney, go on regular holidays with my family, well ahead in mortgage repayments, not worried about my super as it's invested in a growth fund in low cost super fund. I'm financially savvy, reducing my tax, via tax effective structures. My kids go to private school, and we can afford to continue that. I'm being constantly asked by financial planners to come and see them. How can they potentially help?
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Firstly, congratulations on your strong financial position. A good financial planner will work with you to achieve your specific lifestyle and financial goals. When asked what their goals are clients will always want to ‘grow wealth’ and ‘reduce tax’.
As an adviser I love it when client’s open up and tell me what their ideal life would look like.
This might be:
- Retiring at 55 with an income of $100,000 per annum.
- Have an overseas holiday every 2 years in retirement for say $30,000 per trip.
- Being able to help your children purchase their first property for say $100,000 each
- Purchase a holiday home at Byron Bay
So even though you are in a strong financial position do you have enough funds to have your preferred retirement? Are you on track?
In this scenario given your age of 42 you won’t able to access super until age 60, what is the plan for funding retirement for the 5 years from age 55 to 60?
If you had a serious health event such as cancer or worse died what impact would this have on your financial security and that of your family?
A financial planner would work with you to review your whole situation provide advice that might improve on what you have done already and then keep you on track to achieving these goals. The end result should hopefully be peace of mind that you and your family are financially secure and that you are enjoying the fruits of your hard work.
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