Lifestage Financial Planning

Traditionally, the average life-stage began with finishing school in your teens, starting your first job in your 20’s, buying a house, getting married and having children throughout your late 20’s and 30’s, and enjoying a long career until we retire at 65. But times have changed.

During recent years, there has been a shift in social patterns. New trends have resulted in children staying at home longer and delaying marriage, career changes have become more common, and some people may never buy a residential property in favour of investing through global property trusts or managed funds.

Today, life-stages are more likely to be related to the challenges we face throughout our lives or when we achieve key milestones, which can happen at different times. Our financial strategies should reflect what’s going on in our lives, rather than your physical age. This is the essence of life-stage financial planning.

JKS Insurance & Financial Planning works with you to address the fluidity of life’s challenges and milestones to determine your specific financial needs.

Mastering the basics – learning to save

You’ve started to earn a regular income. Your disposable income is increasing, so too is your credit card debt.

Retirement is such a long way off. Your thoughts are directed towards more immediate rewards, like that holiday you’ve been planning or the purchase of a new car. You’re looking to gain more independence and for some it’s time to move out of the family home.

When you find yourself facing the challenges of:

• Starting a new job
• Funding further education
• Credit card debt
• Moving out of the family home for the first time
• Making significant purchases, e.g., car, holidays

Your financial adviser can help you with these strategies:

• Setting savings goals
• Consider an insurance plan, including
  income protection and trauma
• Managing your debts
• Centrelink entitlements

Multitasker – the challenge of debt management

There may be only one partner at work, you’re providing for dependants and paying off a mortgage. Your household expenses are increasing and you may find that you are ready to change jobs or perhaps even start your own business.

It’s time to consider the financial security and peace of mind that financial protection (risk) insurance can bring.

The most important form of retirement savings, your superannuation (super) fund, has been slowly building. And it may be worth looking into some simple strategies that will ensure you’re well on your way to a comfortable retirement.

When you find yourself facing the challenges of:

• Purchasing property
• Marriage or cohabitation
• Providing for children or other dependants
• Changing jobs or starting a business
• Increasing household expenses

Your financial adviser can help you with these strategies:

• Debt management or consolidation, including mortgage consideration
• Insurance as a high priority (income protection, life, trauma, TPD)
• Superannuation strategies
• Centrelink entitlements

Balancing out – growing your wealth

You’re managing the costs of living while continuing to support dependants. Your career or business has found stable ground and you find yourself thinking about the future.

While thoughts are still focussed on short-term goals, you’re also considering longer-term investment strategies. Maximising investment returns is a key consideration, so your investment approach is generally more aggressive. Your super is still building, but it’s time to consider making additional contributions if possible.

When you find yourself facing the challenges of:

• Managing your cost of living
• Changes to your family structure e.g. blended families, separation
• Continued support of dependants
• Trying to secure your financial future

Your financial adviser can help you with these strategies:

• Wealth accumulation and investment strategies, including gearing Tax effective strategies and debt consolidation
• Insurance review in accordance with income and obligations
• Superannuation strategies, such as salary sacrifice
• Estate planning considerations

Changing priorities – growing your super

The financial pressures in your life have probably eased slightly. You may be a two-income household again or perhaps transitioning to part-time work and seriously thinking about how you want to live in retirement.

Your financial focus has shifted slightly from growing your wealth and short-term investment goals, to creating more secure investments that will provide a regular income in the future.

When you find yourself facing the challenges of:

• Health challenges
• Incoming inheritances
• Transitioning to part-time work
• A greater degree of financial independence
• Funding your preferred lifestyle

Your financial adviser can help you with these strategies:

• Review of your insurance needs
• Review your style of wealth accumulation and investment
• Tax effective or income generating investment strategies
• Business succession planning
• Estate planning considerations

Golden years – enjoying life out of the workforce

Finally, you begin to reap the rewards of your careful planning and hard work. There’s more time now for hobbies, extended family and travel. However, opportunities still exist to maximise your income, reduce your tax liability and secure your investments.

When you find yourself facing the challenges of:

• Funding your lifestyle
• Providing for children and grandchildren
• Downsizing the family home

Your financial adviser can help you with these strategies:

• Retirement income streams
• Allocated pensions
• Centrelink entitlements
• Reverse mortgages
• Estate planning considerations

If you are ready to start your financial planning journey, contact us today on (03) 9863 8306.