Make today count: #5 I will boost my super

Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #5:

Your super has the potential to become one of your most valuable assets. The more you put into it now, the more you’ll get out of it when it’s time to retire – especially when you consider how your earnings compound over time. Here’s what you can do right now to help grow your nest egg.

First, make sure you only have one super account, (unless there’s a specific reason why you need multiple accounts). If you’ve changed employers over the years you might have ended up with multiple accounts in different super funds – which are all charging you fees. So choose your preferred fund and then ask them to track down all your lost super and roll it over into a single account.

Next, provided it’s right for your circumstances, you could talk to your employer about setting up a salary sacrificing arrangement so you can put some of your pre-tax dollars straight into super. Using ASIC’s Superannuation Calculator at www.moneysmart.gov.au you can see how even a small contribution on a regular basis can make a big difference at retirement. For example, if you’re aged 35 and earn $70,000 a year, salary sacrificing just $50 a week could add up to an extra $73,000 or more by the time you retire2.

How your financial adviser can help

No matter what financial position you’re in, there are plenty of things you can do today to start building the future you want. But the most important one is to talk to your financial adviser. With their experience and expertise, your adviser is in the best position to guide you at each stage of your financial journey. As well as helping you create a long-time financial strategy, your financial adviser will show how you can break it up into small, achievable milestones. Not only will this be easier to track your progress, it will also give you a clearer idea of what you can do to make each day count. Make today count.

Matthew Wood, Senior Wealth Advisor and Director, can help you with strategies to boost your super and achieve the lifestyle you deserve!

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2 Calculated using the MoneySmart Superannuation Calculator. Assuming an investment return of 5.7% pa and a retirement age of 67.


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Make today count: #4 I will protect what I love

Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #4:

Insurance may not be something you think about on a daily basis, especially if you’re young and healthy. But the reality is that we never know when life will throw us a curve ball, so it makes sense to have a financial safety net in place. And even if you have personal insurance already, do you have the right levels of cover to take care of all your family’s needs?

For example, research shows that parents with two dependent children need an average of $680,000 in life insurance – but the typical default cover from a super fund is only worth about $200,0001. So if you’re relying on your fund’s default cover, it might not be enough to maintain your family’s lifestyle if you passed away. Or even if you became sick or injured and couldn’t work for a while, would you and your loved ones struggle to make ends meet?

Working out how much cover you need can be complicated, so be sure to ask your financial adviser to guide you. But you can get started today by thinking about this question: If something happened to you, how much money would your loved ones need to be able to pay off your debts, protect their standard of living and prepare for the future?

Matthew Wood, Senior Wealth Advisor and Director, can help you ensure that you and your family are protected!

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1 Rice Warner, 2015. Australia’s persistent life underinsurance gap.


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Make today count: #3 I will take control of my investments

Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #3:

A long-term investment strategy is the best way to build wealth for the future. The longer you have to invest, the more time you have to ride out any dips in the market that could otherwise put a dent in your returns. That’s why it’s a good idea to build your investment portfolio as soon as possible – your future self will thank you.

If your investment goal is still quite a way off, you might want to invest in high-growth assets that will potentially give you higher returns over time.

A simple way to take charge of your investments today is to take a look at how your super is currently invested. If you’re using your super fund’s default investment mix, it may not be the best option for you. Instead, you might want to make some adjustments so that your investments are more in line with your stage of life and your future income needs.

If you’re in doubt, ask your financial adviser to create an investment strategy that will allow you to achieve all your lifestyle goals.

Matthew Wood, Senior Wealth Advisor and Director, can assist you with getting back in control of your investments today!

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Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Make today count: #2 I will start saving

Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #2:

If you’re living from one paycheque to the next just to keep up with bills and household expenses, the idea of a long-term savings strategy can seem a bit out of reach. But here’s the secret to saving: every little amount adds up. That’s why you should start saving today – it might even be easier than you think.

First up, ask yourself: do you know where all your cash is going? If the answer is no, then it’s time to take control of your cash flow by creating a budget and sticking to it. For the next month, keep a record of everything you spend each day. You might be surprised at how much the little things can add up over time.

Then, think about how you can make some cuts. For example, you could ditch your morning coffee or take a packed lunch to work each day. With simple measures like these, another month down the track you’ll have a decent amount of surplus cash that you can put straight into a high-interest savings account.

No matter what financial position you’re in, there are plenty of things you can do today to start building the future you want. But the most important one is to talk to your financial adviser. With their experience and expertise, your adviser is in the best position to guide you at each stage of your financial journey.

As well as helping you create a long-time financial strategy, your financial adviser will show how you can break it up into small, achievable milestones. Not only will this be easier to track your progress, it will also give you a clearer idea of what you can do to make each day count.

Matthew Wood, Senior Wealth Advisor and Director, can assist you with starting your savings plan today!

Get In Touch

EMAILCONNECTCALL


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Make today count: #1 I will pay off my debts

Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #1:

If you’re juggling a mortgage and credit cards, plus other debts like a car loan or personal loan, you probably feel like most of your income is being swallowed up by interest payments. But don’t despair: here’s what you can do right now to knock your debt on the head once and for all.

Boost your super before the rules change

Debt Management

On Wednesday 23 November 2016, the Federal Government’s proposed changes to super rules were passed by Parliament. This means that from 1 July 2017, the amount you can put into super each year will be reduced – which could impact your retirement plans. So before the changes happen, it’s a good idea to consider whether you should contribute a bit extra to your super.

Don’t wait for life to happen – Week 5: Retiring

Happy Retirees

Here’s some good news: the average life expectancy for both men and women in Australia is now over 80.5 And while it’s great that many of us can look forward to a long life, it also means we need to plan ahead so our finances will last the distance.

Even if your retirement plan is on track, or you’re already enjoying retirement, it’s worth being prepared in case your circumstances change. For instance, you could be made redundant and have to retire earlier than expected, or you might have to drop down to part-time hours for health reasons. On the flipside, during your retirement years you might take an opportunity to re-enter the workforce for a while.

It’s estimated that a couple needs $640,000 to retire comfortably, while a single person needs around $545,000.6 The smaller your nest egg, the more you’ll need to rely on the Age Pension when you retire, so it’s a good idea to grow your super as much as possible while you’re still working.

Depending on your circumstances, there may be different options for accessing your super in retirement. You could cash it out as a lump sum, set up an account based pension, or buy an annuity that will give you a regular, stable income for life. Your financial adviser can help work out which option is best for you. And if your lifestyle needs change, your financial adviser will be able to adjust your strategy so you can get the most of your finances for many years to come.

5Australian Bureau of Statistics, Life expectancy and deaths hit historic highs, 2015.
6Association of Superannuation Funds of Australia, Retirement standard, February 2016.


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Don’t wait for life to happen – Week 4: Becoming a grandparent

After you’ve worked hard to give your kids the best start in life, what better reward could there be than seeing them have children of their own? As a proud grandparent, you’ll want to make sure the little ones, as well as your own children, are looked after financially when you’re gone — and that’s why estate planning is so important.

With the right financial strategy, you’ll be able to pass your wealth down to future generations. The first step is to create a Will, which specifies how you want your assets to be divided and distributed after you pass away. Having a proper Will can also help avoid disputes between your beneficiaries when the time comes.

Remember, your estate includes most things that you own — so it’s worth taking stock of all your valuable assets, and updating your Will regularly to reflect any changes in your financial or family circumstances. You might also choose to grant Enduring Power of Attorney to a trusted family member, so they can manage your affairs if you become mentally incapacitated.

But there are a few things that aren’t automatically considered part of your estate, such as your super and life insurance. You should consider whether make to make a binding nomination to a beneficiary or beneficiaries including to your estate if you would like those assets to be distributed in accordance with your Will. Some assets you own jointly with someone else may automatically pass to that person upon your death.


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Don’t wait for life to happen – Week 3: Getting a wealth boost

Government super announcements

There are going to be times in your life when some unexpected cash comes your way — like a bonus or maybe an inheritance. You may not know when it will happen, but if it does, you’ll want to be prepared so you can make the most of your windfall and avoid frittering it away.

One way to invest the money wisely is to make a personal contribution to your super, taking into consideration any contribution caps (the Government has proposed (not yet legislated) reducing these caps to $25,000 a year from 1 July 2017). Or, if your newfound wealth is in the form of a pay rise, you might consider putting a bit extra into super each paycheque through salary sacrificing. You can contribute up to $30,000 a year (or $35,000 if you’re 50 or older) from your pre-tax earnings(this cap includes compulsory super guarantee paid by your employer) — plus you could even save on tax, as these types of super contributions are usually taxed at the low rate of 15% rather than at your marginal tax rate.

If you come into money, there are other ways to invest as well, such as shares, managed funds, term deposits, and bonds. Each of these is likely to give you a better long-term return than a savings account, but the most suitable investment options for you will depend on your financial situation and goals. Your financial adviser can steer you in the right direction.


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.