Regardless of where you are in your life stage, strategic planning can ensure that you will be in a stronger financial position for whatever the future holds. Examples of advice via life stage include:

Working Professionals

Characteristics

  • Singles or couples
  • Established career/s
  • High debt level – mortgage or loans
  • Purchased a home and/or investment property
  • May have managed funds and/or direct shares
  • Looking to build and protect wealth

Strategies

  • Salary packaging – exploring salary sacrifice options for superannuation, cars and computers
  • Superannuation – identifying long term savings and asset allocation contributions
  • Negative gearing – borrowing to invest or exploring equity in your home to start an investment strategy
  • Wealth protection – protecting your income and assets against the unexpected

The Dependent Years

Characteristics

  • Established career/s
  • Dependents and may have one income
  • Purchased a home and/or investment property
  • High debt level – mortgage or loans
  • May have managed funds and/or direct shares
  • Looking to build wealth and cover children’s education costs

Strategies

  • Cash flow planning and savings – assessment of your income needs and requirements, especially if relying on one income
  • Salary packaging – exploring salary sacrifice options for superannuation, cars and computers
  • Income/life protection – especially important for a growing family to cover both the earner and the primary carer
  • Negative gearing – borrowing to invest or exploring equity in your home to start an investment strategy

The Less Dependent Family Years

Characteristics

  • Established careers
  • Some years off retirement
  • Owns home and/or investment property
  • May have investment portfolio, managed funds or direct shares
  • Looking to maximise superannuation benefits in retirement
  • Dependants may be leaving home

Strategies

  • Superannuation – increase contributions to take advantage of the Government’s generous superannuation policies for pre retirees
  • Wealth creation – assess opportunities inside and outside superannuation investments
  • Salary packaging – exploring salary sacrifice options for superannuation, cars and computers

The Sit Back and Enjoy Retirement Years

Characteristics

  • Retired
  • Owns home and or investment property
  • Has a pension in place for retirement income
  • Has accounted for health care needs
  • May have investment portfolio, managed funds or direct shares
  • Aims to ensure that their affairs are managed appropriately
  • Seeks taxation benefits

Strategies

  • Income generation – providing a replacement income for salary and wages
  • Asset security – ensuring that assets last the distance
  • Assisting family – wealth distribution and gifting, pre and post death
  • Estate planning – structuring assets to go to the right people
  • Cash flow planning – assess regular spending and goals such as one off holiday and new cars

Your Less Independent Years – Aged Care

Characteristics

  • Owns home but can no longer care for themselves or considering next step in aged care accommodation
  • Has a pension in place for retirement income
  • Has accounted for health care needs
  • May have investment portfolio, managed funds or direct shares
  • Seeks security

Strategies

  • Income generation – ensure sufficient income for living expenses and cost of care
  • Funding for accommodation bonds
  • Centrelink – maximising entitlements
  • Minimise fees for age care – structuring assets and income to minimise fees