Most of us want to be in control of our finances, but taking the first steps towards financial planning can seem daunting. It doesn’t need to be though if you first take a step back and assess what stage of life you are in and how this impacts your financial position. As you progress through life, your financial and lifestyle goals often change and become more defined by each life stage.
Your financial life stages
So, what are the different life stages when it comes to financial planning? There are four.
Early career
Questions you may be asking:
How can a BDO financial adviser help?
| Middle-aged
How can a BDO financial adviser help?
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Pre-retirement
How can a BDO financial adviser help?
| Retirement
How can a BDO financial adviser help?
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Early career
You’re likely to be just starting out in your career and might be feeling a little unsure how to implement a budget or manage and maximise your cash flow. A house deposit may be on your horizon, or perhaps you are considering your investment options, but you’re just not sure how to get started.
It’s never too early to start looking at your financial position. In fact, now is the perfect time! A financial adviser can help you with decisions about:
- Budgeting
- Investing
- Insurance needs.
Middle-aged
You’re settled in your career, a young family means your expenditure has increased and you are looking to repay your mortgage fast, while also funding your children’s education and/or child care. You may be looking for financial planning advice to help you manage an increasingly complex budget, as well as looking to ensure your family is protected in the event of something happening to you. Of course, you may also want to know if you can afford an annual holiday to enjoy the family you now have.
Implementing a wealth management plan early in this stage can allow you to reap the benefits later in life, as well as provide security for your family now. A financial adviser can assist you by looking at:
- Debt repayment strategies
- Investing options
- Superannuation strategies
- Insurance needs
- Estate planning.
Pre-retirement
You may be looking to leave the workforce soon and would like to find out if this is financially possible. Your children are now adults and your expenditure has steadied, so you may be starting to look seriously at your ideal retirement lifestyle.
A financial adviser can work with you to create and implement tailored wealth management strategies to help you achieve this lifestyle. This includes:
- Superannuation strategies
- Account-based pensions
- Cash flow planning
- Estate planning.
Retirement
You have left the workforce and are looking at how to maintain a steady income, what benefits you may be entitled to, and how to maximise these. Perhaps you are starting to think about estate planning to ensure your assets go to the right people in the most tax-effective way.
It’s never too late to look at your financial position, so if you are in this stage and haven’t given it any thought until now don’t think it is too late. A financial adviser can help you with:
- Superannuation strategies
- Account-based pensions
- Government benefits
- Estate planning.
Why knowing what financial life stage you are in is important
You may already know what stage you are at, or where you would like to be, but you might not know the potential your situation has or what options are available to you.
A BDO financial adviser can guide you seamlessly from one life stage to the next, if you are considering retirement and have not looked at your opportunities, or if you are starting a family and wondering what income protection options you have, we can help you navigate the transition in to this new stage of your life. Get in touch with our team to see how you can make the most of your stage of life.
Disclaimer:
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings, etc., as at the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information is not, nor is it intended to be, comprehensive or a substitute for professional advice on specific circ*mstances.
The financial product advice or information in this document is of general nature only and has not taken into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision on the basis of the advice above, a prospective investor needs to consider, with or without the assistance of a professional adviser, whether the advice is appropriate in the light of their particular investment needs, objectives and financial circ*mstances.
