Frequently Asked Questions

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Financial Planning

What is financial planning?

Financial planning involves creating and implementing strategies to manage your financial affairs and accomplish your life goals. Financial planning ranges from less complicated matters like saving for a holiday, all the way to complex goals such as building an investment portfolio or your retirement planning. For many it involves working with a professional, licensed financial planner for appropriate advice specific to your situation, so you can achieve your financial goals more efficiently.

Do I need financial advice?

Most people seek advice from a financial adviser when they hit major life milestones. Advisers can help you in setting your goals into action while managing your finances in the best way possible. The type of advice given differs on the situation of every individual. Professional advice may be useful when it comes to buying your first home, managing your superannuation, investment options, saving money and establishing retirement plans.

How do I identify my financial goals?

People often turn to a financial planner to help simplify their finances and set financial milestones to help them achieve their life goals. These goals can include paying off a student loan, a mortgage and short-term debts, such as credit cards, through to saving for a holiday, investment or retirement.

Why is it important to have a financial plan?

Every individual or household is unique and requires a unique financial plan. A good financial planner will review your lifestyle and create a financial plan specifically suited to you. The financial plan will include financial strategies that will meet your goals. Once you’re satisfied and agree to the suggestions of the financial planner the financial plan will be put into action.

Retirement Planning

How do I retire?

Retirement for a lot of people involves the interaction of government support and also their own retirement funds. It’s important to understand how your retirement position interacts and affects your government support. The age at which access to retirement funds and superannuation also differ, so although you may not have reached an age to access to the age pension you may still be access your superannuation to allow you to commence your retirement.

How much do I need to retire?

The association of Superannuation Funds of Australia (ASFA) in the December quarter of 2021 put a comfortable retirement for a couple at $64,771 and $45,962 for a single. A modest lifestyle for a couple was put at $41,929 and a single $29,139. It’s important to understand that your assets along with government support should be able to support this type of income. The lump-sum amount needed to achieve this will depend on your risk appetite for your investments and also your eligibility for age pension support.


What are the benefits of making additional super contributions?

There are two major benefits of making additional super contributions. Firstly, there are savings you can make on tax, as super contributions are taxed at 15% compared to your personal tax rate. Secondly, the more you invest and the earlier you invest, the more you will have for your retirement.