As a general rule, it’s never too early and never too late to seek the advice of a professional financial adviser. If you think financial advice is just about helping you to save more for your retirement, think again. No matter where you’re at in life, getting good financial advice can help put you in the best possible place to achieve your life dreams, and protect you should things don’t go to plan.
Here are five situations where it’s more important than ever to seek advice:
Moving in with your partner:
Starting a new relationship can be an exciting time – and it can be easy to get carried away. As you start your life together, your financial adviser can help you plan a new budget, so you can start saving for mutual goals. Your adviser can also make sure you’re both protected with adequate insurance – something that is particularly important if children are involved.
Setting up a new house:
It is acknowledged that buying your first home these days is harder than ever, with property prices at record highs in most Australian cities. Your financial adviser can help you create a realistic plan to save for a deposit, helping you to get your start in the property market.
Ending a relationship:
Not every relationship lasts, and breakups can be painful – and often financially detrimental. Your financial adviser can help you work out how you and your ex-partner can split your shared assets (once you’ve reached an agreement with your ex-partner), including superannuation and the family home. They can also help you to get your finances back on track, reviewing your budget to suit your new situation and lifestyle.
It seems these days that we change jobs more regularly than previous generations. So if you’re thinking of changing your workplace or embarking on a new career, it’s time to sit down with your adviser. They can help you understand the financial implications of changing employers, working less, or help you make the most of a higher income or promotion. If you are nearing retirement, you may want to discuss a transition to retirement strategy, so you can spend less time in the office and more time at home. If you want to be your own boss, make sure you talk to your adviser about making tax effective contributions to super, so you don’t retire without a nest egg.
Taking time out:
There may be times in life when commitments like parenting, taking care of elderly parents, studying or travelling will take priority over full-time work. If you’re planning on taking a break from work, your financial adviser can help you understand your financial options for funding this time off. Remember that while you’re not working you won’t receive any employer contributions to your super. So it’s important to talk to your adviser to help make sure your retirement savings don’t fall behind.
General advice disclaimer
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.