Hopefully there’ll come a time when your financial obligations start to ease up and you've got more financial freedom!
You may now have lower mortgage responsibilities, or none at all, or your children may be grown and more financially independent. These circumstances might now allow you to consider boosting your super and preparing for this next phase of your life.
Just as it makes sense to consider increasing insurance when your financial commitments are increasing, it’s important to think about what level of cover makes sense for you now. With insurance premiums generally increasing with age, it's important to make sure you get the right balance between protecting yourself and avoiding unnecessary premiums being deducted from your super.
With super we often say that the earlier you start contributing to your super, the better. But it’s also important to remember that it’s never too late to start! If you now find yourself with fewer competing financial demands, it might be the right time to consider tipping a bit of extra cash into your super.
One of the best ways to give your super a boost – regardless of what stage of life you’re at – is to minimise unnecessary fees to keep multiple super accounts open. Taking this simple step might help keep more money in your account. Find out more about the benefits of consolidating.
At some stage most people will seek advice about their finances, particularly as they’re preparing for retirement. Getting the right kind of financial advice for your situation can make a big difference. It can help give you more confidence that your planning is on track for the future, or if it’s not on track, it can help you put some strategies and goals in place to improve your outcomes. Find out more about the advice options available to you as a member.
There are a number of financial implications to consider with downsizing, so here are some ‘dos’ and ‘don’ts’ to ponder before making that important decision. (Source: Financial Planning Association of Australia)