Make sure you insure!

You wouldn’t embark on a road trip without using your seatbelt. You wouldn’t leave your savings lying around an unlocked house. You wouldn’t leave your car in public with the keys still in the ignition.

I know these all seem obvious, but it brings us to ask, “so why would you go without insurance?”

Protecting yourself and your family is paramount, but there’s only so many precautions we can take and unfortunately, accidents do happen!

Insurance will:

  • Look after everything if you’re unable to work
  • Get you back on your feet if you’re injured or ill
  • Protect your family if you are taken from them

With benefits like this, taking out your own insurance seems like a no-brainer – yet this 2017 article found that 38% of Australian families still don’t have it! So, what do you need to do if you’re not sure you’re fully covered?

Read the fine print

Many super funds provide full cover for death or permanent disablement, but measures to protect the temporary unable to work due to injury or illness aren’t always included. This is why income protection – the right income protection – is so important.

It should pay you up to 75% of your regular income and give you the chance to maintain a reasonable standard of living. Be sure to read all the inclusions and fine print because it’s not worth it to be paying for insurance that isn’t right for you!

Assess your needs

When it comes down to it, you can’t afford to have no insurance. One in five families will be affected by a death, accident or illness that affects the household’s income at some point. In these cases, it’s often one of the parents’ who suffers and is unable to work, and the family stands to half or more than their regular income as a result.

It’s clear you need some form of protection, but every family is difference and it’s safest to sit down with a financial adviser and assess what you need to insure and what options are best for you.

For more information on insurance, or to chat with one of our expert team members, get in touch with us today!

Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX Participant. AFSL No 240837. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner.

You’re never too young to start planning for your retirement

Preparing for your retirement is an essential part of your long-term financial strategy and with advancements in medical technology we are living longer and healthier lives.

Taking a realistic look at your retirement plans as early as age 45 (or, if you’re a super planner, even earlier!) is worth doing to ensure you will have enough set aside for the future.

The first step is to decide what kind of lifestyle you are hoping to live when you retire. Right now, you are likely only focusing on your immediate needs such as mortgage payments and the cost of living, but you still need to be looking into the future while making these plans.

You need to consider how you want to live and where you want to live. Will you downsize from the family home? Do you plan to travel? How will you be occupying your time when paid work is no longer a key priority?

Once you have figured out where you want to be, you need to start looking at how to get there. Here are a few things you should start considering:

  • Superannuation – work out if your super is being invested appropriately. Do you need to be contributing now to ensure you have enough for your future plans?
  • Investments – make sure you are strategic here. If you have invested in shares, property or managed funds, will they adapt to help accommodate your changing lifestyle?
  • Insurance – the right insurance is important. Are you and your family using the most suitable coverage?
  • Daily finance – you need to be looking at areas where you can save some of your income – this article can get you started. Are you spending money where you don’t need to be?

It is never too early to begin these plans because once you take these few steps, you may find that you aren’t quite as on top of your finances as you thought.

We see this happen far too often but, with the right preparation, you can get back on track before it’s too late.

Chances are that during your forties and fifties you will be at your peak earning potential, so it is the perfect time to be saving more and mapping out your future.

Everyone has different goals and visions for the future and your financial planner is there to help navigate the path. Our team of Financial Strategists can help you develop and implement the right plan to guide you to your ideal retirement. Contact us today for more information.

Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX Participant. AFSL No 240837. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner.