Mature Families

According to calculations from the Investment and Financial Services Association (IFSA), most Australians will need approximately 65% of their pre-retirement income to maintain their current lifestyle in retirement, without taking into account additional large expenses. This means, most people will fall short of their target if relying only on SG Contributions.

Your family are growing up – faster than you’d probably like in some cases. Your children are starting to find their own independence, but still rely on you for financial support and security. Your focus will continue to change and with a growing family, there’s an ever increasing desire to give them the best of everything (mobile phones, technologies, plasma TV’s, holidays etc).

You’re hopefully getting to the stage where your debt is reducing and you really need to think about how your partner and children would cope with the growing expenses if something unexpected happened to you and you were unable to work and provide for them.

At this stage, you need to take advantage of all the strategies that will improve your position and what you do in the next 10 to 15 years will determine how much you will have for retirement.

Did you know?

Based on correct average levels of insurance, the typical Australian’s weekly family income will be cut to about $600 if the main breadwinner becomes temporarily ill or injured and can’t work.

Source: Lifewise/National Centre for Social and Economic Modelling, 2010.

Some of the questions you may be asking are:

  • Is this the best mortgage for me? What debt reductions strategies should I be utilising?
  • Should I be using the equity in my home to borrow more money to invest in property or other investments?
  • Should I be reducing my debt as quickly as possible, or should I be investing extra money into superannuation?
  • I have a good combined household income, so what strategies can I use to minimise tax?
  • When should I start planning for retirement?
  • I have multiple super funds, which one, if any is best for me? What do I do with them all?
  • Does my current super fund provide me with all the flexibility, features and benefits I require?
  • Is a self-managed superannuation fund for me?
  • How will I maintain my family’s lifestyle if something happens to me?
  • Is it OK, or irresponsible to think, “It won’t happen to me”?
  • What would happen if, because of serious injury or illness, I couldn’t work for the next 20 years?

How can Total Wealth Management help you?

Our professional and holistic approach to financial planning centres around creating and managing valued partnerships between you, Total Wealth Management and other specialists, all wording together to deliver your desired outcome. The services that may be relevant to you are:

  • Pre-retirement and Retirement Planning
  • Centrelink Maximisation Strategies
  • Superannuation fund and strategy advice
  • Self Managed Superannuation Funds
  • Personal Risk Insurance
  • Wealth Accumulation
  • Tax Minimisation Strategies and Tax Planning
  • Debt Management
  • Lifestyle Expense Planning
  • Estate Planning
  • Business Planning & Insurance
  • Salary Packaging
  • Property Valuation**

** Please note that TFLG Adviser Services Limited is not responsible for the advice and services provided by this Third Party, responsibility for advice and service will vest with the third party.