Are you getting the finest financial planning advice?
A recent Commonwealth Bank survey shows that just 53% of Australians 45 years and over have thought about how much money they’ll need for retirement and have a plan to reach that financial goal. How ready are you for retirement? With the market still reeling from recent economic turmoil, it is now even more important to ensure that your finances are in good shape and that you are getting the best advice. Proper planning now can help to ensure you achieve the quality of life you want when you eventually retire – enable you to travel, take up a new hobby, work part- time and generally start enjoying the fruits of your labour. A Commonwealth Financial Planner can help you determine your goals for retirement and work with you to develop a strategy to help you get there. Plan for your future Jane and Pat Connelly decided to seek quality financial advice for the next chapter in their lives when the last of their children left the family nest. They felt that they weren’t in control of their retirement finances, and were overwhelmed with the amount of information available and decision- making involved. The Connellys met with Michelle Cassidy, a Commonwealth Financial Planner, who guided them through the ins and outs of superannuation and helped them set goals for their retirement. Jane said, “ Michelle told us that if we delayed retiring until we hit 60 years of age, we would be able to make tax- free withdrawals on our superannuation. “ Another really valuable piece of information Michelle gave us was how to diversify our investments. She explained that by spreading our money across different types of investments, we could lower our investment risk and be able to generate income from a number of sources.” Today, thanks to Michelle’s expertise and insight, the Connellys have been able to properly prepare for retirement and feel much more confident about the next chapter of their lives. Like the Connellys, diversifying your investments can be a good retirement savings strategy. However, it’s important to work with a financial planner to determine the strategy that best suits you. The higher the diversification the lower the risk, but this can also lower your potential returns. A financial planner will work with you to determine the most effective level of diversification for your situation.