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Planning for retirement is one of the most important financial decisions you’ll make. In this video, Erin walks you through our retirement planning services, explaining how we help you achieve your retirement goals.
Erin Truscott:
Hi, I’m Erin and I’m a financial advisor at Direct Wealth, and one of the big things we focus on at Direct Wealth is personal insurance. It’s really important to have personal insurance because as we go through our journey of building and accumulating our wealth, we need to make sure that it’s protected if something goes wrong, and not only are we protecting ourselves, we’re protecting our family members also. Because if something goes wrong and one parent can’t work or a child gets sick and we need to be there for them, this allows us to have the insurance to provide that financial support as we get through what would be considered a really tough time in our lives. So, one of the insurances that we offer is income protection insurance. This is a really important insurance to have throughout your entire working life. And what it does is allows you to fund a monthly benefit to ensure that should something happen, and you are unable to work for either the short or long-term, that you have a monthly income.
Income protection will pay you after a certain wait period up to a specific benefit period. And this could be anywhere from two years right through to your retirement. And what happens is, once you stop work via injury, illness, or accident, income protection kicks in after that set weight period and pays you that monthly income until you are ready to go back to work, and this helps fund vital expenses for both you and your family whilst you are unable to work for that period of time.
Another area of cover is life insurance, and this is pretty straightforward, is if you pass away, a lump sum is paid to your family members in order to be able to fund your debts, if you had any, but also ensure that your family are now going to be okay. So if you have young children, for example, or a partner that was relying on you for income, we can build into that lump sum all of the amounts of money that we need to ensure that they can continue to move through their life without having financial stress.
Another area of insurance we provide advice on is trauma cover. Trauma cover is paid out as a lump sum upon the diagnosis of trauma events in your life that can be quite devastating. Things like cancers, heart attacks, strokes. The way that this is paid out is that upon diagnosis, you get that lump sum so that all you need to do is focus on getting better. But also ensure that in the background there’s money funding your lifestyle expenses and those non-discretionary costs that we know we all have to keep up with even when you are sick and things aren’t great.
So when we are focusing on insurance with a client at Direct Wealth, it’s really important to understand their personal situation and where they’re currently at to identify not only the types of insurance we should be applying for, but also what those levels of cover should be. For example, if you are a single person with no debt, your levels of cover and what you need are going to be vastly different to a young family owning their own home where the father or the mother is the key breadwinner. So it’s really important that we focus on getting these levels of cover right, so that should you need to go through the claims process and claim on some insurance, that you have the right amounts there to ensure no financial stress as you go through what could be a really difficult time.
So once we have the insurance policy in place that’s right for you, it’s really not set and forget. We have to review this regularly and each time we sit down to do a review, we need to make sure we check in on the changes you’ve had in your life to assess if we need to make any changes to that insurance. These could be things like taking on a large debt like the purchase of a home. It could be the increase or decrease in income. And it could be that you might’ve added a new family member to the household or you have extra things to cover. We need to always ensure we’re on top of this to make sure that we increase and, or decrease your cover over time to adapt it and make sure that you’ve always got the right levels of cover for the stage of life that you are at.
Claims happen all the time. We see this a number of times, a week in our office, and none of this is fun stuff to deal with, but what we are able to do is reduce the financial stress and pressure that people have as they go through either the loss of the loved one or receiving bad news about their health. So it’s really our job to then help work through the claims process for whatever cover it is that they’re claiming on, whether it be death, income protection, total and permanent disablement or trauma, and allow that client to have the confidence to know that there’s going to be some money there coming in, whether it be via lump sum or a regular monthly payment to help life go on in that aspect while they deal with something really difficult.
So I often refer to insurance as this necessary evil. We don’t want to pay for it, but we need it. And if we do get to that point in 20 years time where we’re having this conversation about what a waste of money it was, to me, that’s a great thing because you’re healthy and you haven’t needed to claim on that insurance. But the reality is things do happen and we do need the cover. So it is really important to make sure we’re constantly thinking about how we’re protecting ourselves and our families, should something happen where we need to make a claim.
If you’re thinking about reviewing your insurance, it’s really important to take that first step, reach out to Direct Wealth. We’ll put you in touch with one of our advisors. We’ll get you in and we’ll really unpack what it is that you’ve got, your whole financial situation currently. And then we can talk to you about what the different types of covers are, and what would be beneficial for you to have. And then we can make a plan around that. Not only will we make a plan, but we’ll make a plan to review that on an ongoing basis to ensure that it’s constantly moving with the life that you have throughout the life stages.
If you’re thinking about starting your financial planning journey, or perhaps you might be looking for a new financial advisor, please do reach out to the team at Direct Wealth. We have a number of wonderful advisors here who can really help you on your journey and give you peace of mind that the plan you have in place is going to make sure that you are okay now and into the future. We really look forward to hearing from you.
Retirement planning is the process of determining your retirement income goals and the actions necessary to achieve them. It involves identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risks. Effective retirement planning is crucial because it ensures that you have the financial security needed to enjoy your retirement years comfortably.
Curious about shaping your future with our expert guidance? Contact us today to get started.
Here’s just some of the ways we’ll help you prepare for retirement:
Our retirement planning services offer significant benefits that go beyond financial security:
Look forward to a retirement that’s not only secure but truly fulfilling. Ready to plan the retirement you deserve? Get in touch with us today.
At Direct Wealth, the numbers tell our story. With years of dedicated service, tons of experience, and countless happy clients, we’ve built a reputation for trust and excellence.
Here’s a look at what we’ve achieved:
Our team of retirement planning experts will guide you through your options in a clear and simple way.
Why struggle on your own when you can tap into our knowledge and support? We’re here to make things easier for you.
Whatever your retirement planning needs, we’ve got the expertise to help you get the best results.
We take a personal approach to your retirement planning.
Our advisors work closely with you to understand your unique aspirations and financial situation.
With this understanding, they tailor a retirement plan that aligns perfectly with your goals.
Planning for retirement can feel overwhelming, but you don’t have to tackle it on your own.
Our advisors simplify the retirement planning process, making it easier for you to make informed decisions.
With our guidance and support, you gain the peace of mind that comes from knowing your future is in expert hands.
We’re here to create personalised retirement strategies that are designed around your ideal outcome.
Whether you’re just starting to plan for retirement or refining your existing strategy, we’re here to help.
Our goal is to ensure your retirement plans are organised, effective, and tailored to you, giving you true peace of mind.
Ready to secure your dream retirement? Contact us today to get started.
Jamie F.
Satisfied Client
“I had a fantastic experience with Direct Wealth! From the very beginning, I felt comfortable with the entire process. Kirsty and the team were professional, knowledgeable, and always available to answer my questions.
They took the time to understand my needs and provided tailored advice that I could trust. I highly recommend Direct Wealth to anyone looking for expert financial guidance. Thank you for your exceptional service.”
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Retirement planning involves setting financial goals and creating strategies to achieve them, ensuring you have enough savings and income to maintain your lifestyle after you stop working. It encompasses a variety of financial aspects, including saving, investing, and managing assets to provide for your future needs.
Effective retirement planning helps you prepare for both expected and unexpected expenses, giving you peace of mind and financial security in your later years.
Retirement planning is crucial because it provides a roadmap for your financial future. Without a solid plan, you may find yourself unprepared for retirement, facing financial difficulties during what should be your most relaxing years. It’s about more than just saving money; it’s about ensuring that you can enjoy your retirement comfortably without financial stress.
The best time to start planning for retirement is as early as possible. Starting early allows you to take advantage of compound interest and gives you more time to grow your savings. Even if you’re closer to retirement age, it’s never too late to start planning. The key is to begin as soon as you can and to make informed decisions about your retirement income streams and savings strategies.
The amount of money you need to retire comfortably varies depending on your lifestyle, goals, and expected retirement expenses.
However, it’s essential to consider factors like healthcare costs, potential travel, and hobbies when calculating your retirement needs.
Tools like a retirement calculator can help estimate the savings required based on your specific situation.
A comprehensive retirement plan includes several key components:
A financial advisor can help by providing expert advice tailored to your specific financial situation. They can assist with everything from choosing the right superannuation fund to creating a strategy that maximises your retirement savings. They also help you avoid common pitfalls and ensure that your retirement plan is aligned with your long-term goals.
Superannuation is a mandatory savings system in Australia designed to help you save for retirement. Contributions are made by your employer and, in some cases, by you. Superannuation is a critical component of your retirement plan, as it often forms the foundation of your retirement income. Managing your superannuation effectively, including choosing the right investment options, can significantly impact your retirement outcomes.
Paying off your mortgage before retiring is generally advisable because it reduces your monthly expenses and the amount of income you’ll need during retirement. However, the decision depends on your overall financial situation, including your savings, income streams, and other debts. A financial advisor can help you determine the best course of action based on your specific circumstances.
Maximising your retirement savings involves several strategies, such as making additional contributions to your superannuation, investing wisely, and taking advantage of tax benefits. It’s also essential to review your retirement plan regularly and adjust it as needed to ensure you’re on track to meet your goals.
When choosing a superannuation fund, consider factors such as fees, investment options, performance history, and the level of service provided by the fund. It’s also essential to ensure that the fund aligns with your retirement goals and risk tolerance. Comparing different funds and seeking advice from a financial advisor can help you make an informed decision.
Planning for healthcare costs in retirement involves estimating your future medical expenses and ensuring you have adequate savings or insurance coverage to meet those needs. Consider factors like private health insurance, potential out-of-pocket costs, and long-term care when planning for healthcare expenses.
Yes, many retirees choose to work part-time to supplement their retirement income or to stay active and engaged. Working during retirement can help you extend your savings and provide additional financial security. However, it’s important to consider how part-time work might affect your pension or superannuation income.
Common mistakes in retirement planning include underestimating expenses, not accounting for inflation, and relying too heavily on one source of income. Failing to start planning early enough or not adjusting your plan as circumstances change can also jeopardise your financial security in retirement. Regularly reviewing and updating your retirement plan can help you avoid these pitfalls.
Inflation can erode the purchasing power of your retirement savings, meaning that the same amount of money will buy less in the future. It’s important to consider inflation in your retirement planning by investing in assets that have the potential to outpace inflation and by regularly adjusting your savings goals to account for rising costs.
You should review your retirement plan at least once a year or whenever there’s a significant change in your financial situation or life circumstances. Regular reviews help ensure that your plan remains aligned with your goals and that you’re on track to achieve the retirement lifestyle you desire.
