Building a Family

It is never too late to seek professional financial advice to make sure your superannuation portfolio is working for you whilst you are working for it. Contribution limits have been tightened by successive governments over the years, and it is now more important than ever for individuals and couples to start voluntarily building on their mandated employer super contributions. Doing so may mean tightening the household budget, or saving tax, or both. Let us show you how you can significantly boost your retirement savings without impacting your current lifestyle.

Some of the issues that are particularly pertinent to those building a family are:

  • Putting in place adequate income protection cover for the main breadwinner/s
  • Managing Debt in the most Tax Effective manner
  • Putting in place adequate lump sum insurance (Life, Disability and Trauma Cover)
  • Contribution advice with regards to superannuation
  • Commencing an Education Savings plan using a range of investment vehicles
  • Redundancy Advice Planning

Possibly the biggest “elephant in the room” for clients in their 40’s relates to the “C” Curve ball which no one likes to talk about. Our clients generally take up a minimum level of trauma / critical illness insurance to protect them financially in the event that they suffer from a serious illness such as heart attack, cancer or stroke. This is irrespective of whether they have debt or not. No one likes to be reminded of the statistics around critical illness, but as a business with many years of experience assisting clients through claiming on their income protection, or lump sum insurance cover, we know it can and does happen. When it does happen, having a “rainy day” fund eases the burden and ensures drastic action such as asset sales or fund raising don’t need to happen. Getting in place such plans whilst younger can mean that the premiums are affordable long term, which is essential given the average age of a claim is 45. Again, we can access a range of insurers and put together a risk protection plan that will take account of your budget, your assets (including superannuation) and ensure that you are able to afford to fund long term effective wealth protection.

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