Is it too late for financial advice in my 50s?

Is it too late for financial advice in my 50s?

Are you suddenly feeling a bit nauseous and sick in the stomach as you’ve hit your 50s, and you feel like you don’t have much to retire on?

Don’t panic. You are not alone but it’s a good wake up call to get things happening. You may have missed out on having the the luxury of time to build and grow your savings over your working years but it doesn’t mean all is lost.

This might be the right time and more importantly as you’re feeling a sense of urgency this maybe the perfect great motivator to get things going.

 

Related Article: Australians’ Top Financial Regrets

 

Here are 5 simple financial tips to consider:

 

  1.   Be calm and start thinking about you

The last thing you want to do is to get yourself all worked up and stressed. Remain calm and composed, and focus on the important things that matter to you, now.  Use this sense of urgency to act as a great motivator to start looking after yourself now to set yourself up nicely for the future!

Do something and take the next step.

 

Related Article: How to be financially happy?

  1.  Be brave and ask for help

Do you feel confused and a bit lost in not knowing where and how to begin your retirement planning process? If you do feel overwhelmed and not sure on what to do then speak to friends for referrals to financial advisers they rate highly, and would recommend with utmost confidence and trust.

These days, there are a lot of people you can seek help from and receive expert advice on financial matters especially on important life events like your retirement happiness and comfort.

Some people who are suddenly faced with the daunting task of retiring can become stuck in knowing what their retirement goals are and what kind of a retirement lifestyle they would like. When it comes to working out what your goals are and whether you can afford to retire now or not, a trusted financial adviser can help to draw a big picture of what retirement could look like versus what you will need to do now to manage any gaps and affordability issues.

Speaking to a financial adviser can give you the confidence you need to start making positive and smart financial decisions which will remove the cloud of confusion and add some clarity with a robust plan of attack to pursue.

 

  1. Be prepared to roll up your sleeves

Depending on what your retirement goals are, and what you currently have saved, don’t lose heart but be ever more prepared to fight with gusto and determination, if you are told you may need to work longer,  and if you are put on a strict savings plan by your adviser.

It’s never too late to start planning but it does mean you may have to work harder to catch up on time lost to build up your savings as much as possible now and be prepared to face reality that you may have to delay your retirement until you have caught up with your savings.

 

  1.  Do you really need to splurge on a new car?

To boost your retirement savings plan, it maybe a wise move to cut down on big item purchases if it’s not a necessity. Do you really need to splurge on a new car, buy a boat or go on a 5-star world holiday?  If the answer is no, then stop the splurge and be frugal and think about your retirement plans.

Becoming ruthless with how you spend your money can really help to boost your retirement savings so you can reach your end goal. Some sacrifices made now could mean you can afford to treat yourself later in life and truly enjoy a relaxing retirement without too many financial shoestrings to worry about.

 

  1. Stick to your plan

Temptations will be plenty but don’t get fooled into straying off your retirement plan. Yes, there will be times where you feel you deserve a treat for all the hard work and extra savings you are making but don’t take your foot off the pedal completely. A nice movie night out is fun and best of all not as expensive as going fine dining. Celebrate your savings milestones but don’t be too over the top about it.

Touch base with your adviser regularly to ensure the plan is working and review it for any tweaks or adjustments required but most of all update your adviser with any major personal or financial changes that may occur as these can impact upon your retirement plans.

Hopefully these 5 simple financial tips can help to kick your retirement goals with a bang and out you on the right track towards to your retirement lifestyle.

Please ensure you seek advice now before it really is too late!

For more help on reaching your  goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

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Is it too late for financial advice in my 50s?

Are you suddenly feeling a bit nauseous and sick in the stomach as you’ve hit your 50s, and you feel like you don’t have much to retire on? Don’t panic. You are not alone but it’s a good wake up call to get things happening. You may have missed out on having the the...
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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

What does your retirement lifestyle look like?

What does your retirement lifestyle look like?

When was the last time, you thought about what your retirement lifestyle would look like?

Most people are busy and extremely time poor. Each working week passes quicker than the last, and before you know it, another year passes, and the new year starts all over again. Each week seems like a blur, and unless you take the time out to think about WHY you’re working so hard, and HOW you can make the most of your professional life, you could be facing retirement sooner than you think, and be slapped with a retirement lifestyle very different to what you’d hoped for.

Questions to help you start planning & thinking of your ideal retirement lifestyle:

1. When do you want to retire?

Most people strive for a certain age, and that normally sits between 55 to 65.

  • When do you see yourself hanging up your boots?

    Do you wish you could retire earlier?

Maybe, you’d like to start cutting back, and go part-time leading up to your retirement?

When you actually want to retire is something you should be discussing with a professional adviser. Planning early and getting your financial affairs in order to be able to retire when you want to is a goal to strive for.

2. What might you like to do in retirement?

Just because you retire doesn’t mean you become a recluse. You’ve worked hard all your life to be able to do what you want to in retirement, so don’t lose sight of it. Start dreaming of the things you’d want to do if time and money wasn’t an issue.

  • Maybe it’s to travel and go on adventure holidays?

    Is it to reinvent yourself professionally, and begin a second career?

    Or you want to take up a new hobby or go back to learning a new skill?

    Perhaps, it’s simply to relax, have fun and do whatever you want without any constraints?

Whatever your retirement goals, start pursuing it, and jot them down.

3. Where do you want to live?

Some people like to downsize, and move to the coast. Others like to upgrade, and get a chance to experience inner city living, and enjoy an active social lifestyle.

Where you want to live in retirement impacts on the type of lifestyle you get to enjoy.

Maybe, you’d always wanted to sell, gift some of the funds to help your children out, and use the balance to buy a smaller pad, rent or even go overseas to live.

It helps to share your ideas and thoughts with an adviser who can begin the awareness, consideration and decision journeys to embark on to achieve your ideal retirement lifestyle.

4. How to stay healthy and active?

You want to make the most of enjoying your retirement, so you do need to consider how you’ll keep fit and healthy.

  • Do you currently have any medical conditions you need to account for?

    How do you safeguard yourself and your partner from any unforeseen events occurring that may impact on your wellbeing and retirement lifestyle?

    Do you have appropriate measures in place to protect you in times of health or medical issues?

It pays to start thinking and envisioning about your retirement lifestyle now so you can turn that vision into a reality.

Most people think they’ll be right, and have years before retirement but don’t put yourself in a situation of regrets.

The smarter way is to start engaging an adviser who shares the same visions as you, and understand what you need and want, and someone who can help to put all the puzzles together for you.

Related Article: Preparing for Retirement Must Knows and Dos

For more help on reaching your retirement goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

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Is it too late for financial advice in my 50s?

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

What to know when parents need Aged Care?

What to know when parents need Aged Care?

When meeting clients, who are the children seeking aged care advice for their parents, they can look very confused, and emotionally stressed out. They don’t know where to begin or how to go about things because Aged Care is such a foreign place for them, and truthfully, it’s a place that wasn’t part of their radar screen until now!

It is an emotionally stressful time for the parents and the children involved. It is stressful for the parents because they need to come to terms with losing their independence, and for the children, because they don’t know how to help their parents receive the care they need.

The reality is, discussions about Aged Care do not occur until an emergency need arises.

Decisions around aged care need to be carefully considered, and not rushed as the rules around aged care are complex, and you need to be aware of your parent’s situation holistically. That is, there are many personal and financial positions to understand before trying to comprehend the ins and outs of the fees and costs, the social security and tax implications, and most importantly, the financial planning strategy options surrounding aged care.

Everyone seeks the best possible care for their parents, and the best way to help, is to help clients regain control in the decision making process by empowering them with clear and concise information about aged care .

The control is the ability to make the right choices in terms of affording the best care for their parents. This control can only come from knowing, and from being equipped with good advice to help make informed decisions. The ability to make informed decisions minimises the stress, and helps provide peace of mind and confidence.

Once the clients are in control they are empowered to make the right decisions.

To help you get the control you need to best help your parents on aged care decisions, let’s look at the Top 5 Concerns shared by most clients.

 

Top 5 Aged Care Concerns

 

  1. Moving into Aged Care is a major lifestyle change

For many, losing independence is a hard fact to accept, and it can be a distressing time, both for your parents and you. Making the transition as stress-free as possible is the key to success. Perhaps, helping your parents get familiar with aged care facilities can be an important first step. Start having some discussions about the reasons why Aged Care is important, and the benefits it’ll have for them. Maybe, visiting some of the facilities can provide a sense of relief that it is not as bad as initially anticipated.

  1. How to decide where?

Maintaining familiarity and being in close proximity to family members is a key priority for most of my clients. So, the location of the facility is something you want to think about. Do you and your parents think it is best to reside around their familiar surroundings to minimise the impact of a major lifestyle change? Or, is being closer to where family members live more important? Maybe, you need to weigh up both considerations to make the best decision for your parents.

  1. Can we afford it?

Can my parents afford to go into Aged Care? is a question that often gets asked.

The ability to afford the accommodation payments and the ongoing care fees sits on the top of the list, and the best way to answer this question as an aged care adviser, is to explain the various costs and fees, and to explain the different planning options available to them then to pinpoint the most appropriate strategy to best meet their needs and objectives.

  1. How to understand it all?

Aged Care is a complex area, and there are many rules, assessments, approvals and options to sift through before a decision can be made, and not just any decision, but one that meets your parents and family member’s objectives.

The best way an Aged Care adviser can help is to equip clients  with the right information to enable an informed decision making process with confidence and peace of mind.  

Advice is don’t tackle this area alone. Seek advice from an accredited aged care adviser who has the experience and the expertise to help ‘de-clutter’ mountains of information into simple, clear and concise recommendations to suit your parent’s needs and objectives.

  1. Should they sell their home?

Another frequently asked question is whether parents should sell their home?

As most people own their home at this stage, they want to know what to do with it, and most importantly what impacts it will have?

Making the decision to sell or to keep it or to rent it out has varying implications on things like aged care fees and social security entitlements.

It is best to get the control to make the right choices by seeking advice that is relevant to your own personal situations.

 

Getting the right financial advice

 

To help your parents make informed decisions, you first need to gain control of the situation by getting on top of things, and being informed yourself. The best way to achieve this is to get the right information that is relevant for your parent’s situation.

Receiving aged care advice for your parents should be holistic. That is, their entire situation need to be taken into account when recommendations are made.

Aged care advice may include explaining the steps in the process of entering aged care, assistance with completing forms, reviewing aged care funding options, cash flow planning, providing advice on the implications of selling or renting the family home, tax planning and, importantly, estate planning.

Please ensure you seek the right advice to help your parents make the right choices for their aged care needs.


For a private and confidential discussion, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Top 5 Stress-free Christmas Money Saving Hacks

Top 5 Stress-free Christmas Money Saving Hacks

Christmas is a wonderful time of the year, and for many of us it can also be quite stressful and hard hitting on your back pocket.

Leading up to Christmas can be frantic and chaotic especially trying to battle the crowds to do last minute gift shopping, lining up early at the fish markets to get seafood, the cooking, the decorations, the parties, the get togethers, working out which family  you’ll spend Christmas lunch and dinner with and everything else that goes with Christmas.

Sometimes things can get out of hand quickly and Christmas can become a heavy financial burden. So here are some our favourite ‘stress-free Christmas money saving hacks’ we have hand picked from experts for you to consider.

Our favourite stress-free Christmas money saving hacks

Take a different approach

Don’t stress yourself over the little things that drive you crazy. Consider a change. Why not just drop one annoying task and decide to it differently. Thinking outside the traditional norm could just make a difference to make Christmas fun and a lot less stressful. If posting out Christmas cards are one of those dreads, why not send out an online family Christmas video message? This way, it’s easier to do, it’s fun, it involves the whole family to create a video message and it saves you a few bucks in cards and postage.

Cut back on the expensive stressful Christmas rituals

It’s OK to cut back! If taking the family on a overseas holiday is a tradition, it might be a nice change to making the time spent with the family the main event and less focus on the travel itself.  Going back to basics and dropping expensive rituals for something more simple like spending meaningful moments with the family is just as rewarding and satisfying. Just going to the local beach or on a local driving holiday is just as fun but less expensive and less stressful.

‘Spend more time filling our souls than emptying our pocketbooks’

We love this quote  from Loretta LaRoche, international stress management consultant and columnist of ‘Get a Life’,  who says the need to run out and buy loads of expensive gifts for gift-giving is not necessary, and the joy of giving and receiving comes in different ways. Creating memorable family experiences is ever lasting and rewarding, and the simple acts of baking cakes or making Christmas pancakes for breakfast or just laughing and splashing around at the beach or at your family pool are just as joyous and soul fulfilling and kind to our back pockets.

‘Less is more’

Who is guilty of over-indulgence?  Is your Christmas tree overloaded with gifts, and  do you on Christmas day watch your kids rip through present after present until the unwrapping excitement fades and the joy is over then  the feeling of  stress creeps up on how you’re going to outdo it for next year?

Starting stats from ASIC Money Smart states that  Australians plan to spend on average $955 each over the Christmas holidays with some families (4%) even taking out loans to pay for presents!

All the money spent for a few seconds of joy with most of the gifts ending up in the giveaway bin – it just doesn’t seem to make good financial sense.

As a family activity, giving up some time for others in need, and volunteering for services or donating gifts to charity organisations or leading a ‘charity’ drive is a generous act of kindness and giving.

One thoughtful and meaningful gift is ‘good enough’ and it helps to keep financial pressures and stress to a minimum.

Gift of giving is not just about presents but giving your time to make a difference to others in need is an incredibly generous gift.

Don’t forget to have fun

Enjoy the time, relax and spend the time to create memorable experiences and meaningful moments with the people who matter the most to you.

It is a time to reflect, to be thankful, to appreciate the people around you and to have a few Christmas cheers and celebrations.

Focus on what’s important, and savour the moment of decorating the tree or baking Christmas cookies with the kids. It’s OK to have fun and it’s OK to just let go of the Christmas tasks still left on your list.

Sources:

  1. ASIC Money Smart – 12 Money Tips for Christmas
  2. Get a Life – Loretta LaRoche
  3. www.womasday.com – How to have a stress-free Christmas

 

For help on financial planning, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

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Read More

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Read More

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It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
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Are you suddenly feeling a bit nauseous and sick in the stomach as you’ve hit your 50s, and you feel like you don’t have much to retire on? Don’t panic. You are not alone but it’s a good wake up call to get things happening. You may have missed out on having the the...
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Preparing for Retirement Must Knows and Dos

Preparing for Retirement Must Knows and Dos

Major life events like nearing retirement triggers a need to get sound financial advice from a trusted financial adviser.

If you’re about to retire or wondering if you can afford to retire, don’t think alone. At this crucial moment in your life, it’s vital to talk about your retirement goals, and to discover all the different retirement planning options available and suitable for your needs.

Too often, people leave this important life milestone decision making process to the end which can actually reduce the ability to take advantage of the different planning strategies and options.

RETIREMENT PLANNING

Retirement is a milestone marking the start of a new phase in your life. If you’re well-prepared, you can look forward to freedom from a set routine and the opportunity to enjoy many things you haven’t had time to do while working.

Your quality of life and financial security after work will depend on you having an adequate retirement income. The decisions you make now about how you will invest your superannuation and any other savings once you retire are of critical importance. Whether you intend to move into full retirement straight away, or scale down to part-time work first, there are many issues to consider before you make any changes.

PLANNING AHEAD

In the lead-up to your retirement, information and advice are crucial in helping you assess your situation, to identify retirement goals and to develop a practical, achievable plan.

Retiree  FAQs

One of the Frequently Asked Questions (FAQs) for retirees, is:

How much retirement income do I need?

By the time you retire, you’d want your ‘nest egg’ to be sufficient enough to allow you to meet your ongoing retirement expenses, and have enough income to afford a lifestyle of your choice or desire.

Working out how much you’ll need to save to fund your retirement raises a lot of different questions you should be able to answer and understand. This is where the planning part comes to play by getting your adviser involved to work out a plan that is personalised and right for you.  

Some important retirement questions to consider:

  • At what age do you plan to retire?
  • Do you want to retire completely?
  • Would you like to continue to work part-time?
  • What are your planned lump-sum retirement expenses?
  • What will your expected ongoing retirement expenses be?
  • What is your life expectancy?
  • How much savings do you have accumulated?
  • How are your current retirement savings invested?
  • Do you understand the different investment options?
  • What type of an investor are you?

All of the questions are designed to help identify your goals, and to flesh out a solid plan that is customised and personalised. When planning for your retirement, you cannot afford to take a ‘blanket’ approach, it needs to be specific to you, and to your situation.

Don’t make the mistake many retirees often make, assuming you have all the time in the world.

Don’t leave it to the last minute. Give yourself the best possible outcome by planning ahead, understand all the options available, and collaborate with your adviser to put in a plan that is realistic, practical and achievable.

For more help on reaching your financial goals. talk to a Dome Financial Adviser.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

Getting Divorced? Understand the many financial considerations.

Getting Divorced? Understand the many financial considerations.

Divorce is one of the most difficult things that a person can ever go through and this goes hand in hand with the need for proper financial planning.

How you are going to proceed can have an effect on your financial standing in the near future.

5 Frequently Asked Questions (FAQs) Clients Should Know When Going Through a Divorce

  1. What’s my current personal and financial situation?

Going through a divorce process is emotionally and mentally traumatic, and even more challenging for the spouse who wasn’t the main income earner or wasn’t responsible for managing the finances.

When you’re suddenly faced with this daunting situation, most people want to know what their financial situation is, and the question of affordability of ongoing expenses such as mortgage repayments, child care costs, household expenses etc becomes very real and stressful.

To get a handle on financial situations, it is often best, to take some time out, and to start gathering important information that will help to provide a realistic view of one’s current financial position.

Here are some important facts and figures to be aware of:

Bills (household utility, credit cards and store cards)
Investments (Shares, funds, property, ownership)
Property Deeds & mortgage papers
Loan details (home and investments, ownership)
Banking (savings accounts, PIN numbers etc)
Tax details
Insurance policies (home, health and personal)
Superannuation (personal, SMSFs)
Wills & Estate Planning details

It’s important to work with a professional adviser who can help to:

Assess and identify your income and financial commitments
Develop a new budget and plan to achieve your new goals.

  1. What do I do with my divorce settlement?

To face life on your own, and at the same time take on the financial responsibilities of looking after yourself and your children can be challenging and daunting.

Most people need to decide upon the hard facts of how they will use their divorce settlement to best provide for financial security and happiness.

There are lots of decisions to be made, and most importantly new personal and financial goals to be set, and acted upon.

This is a crucial time to work with a professional who can help to:

Review your financial situation after your divorce settlement.
Help you set new financial goals.
Help implement a financial ‘roadmap’ to provide clarity and direction.

  1. Do I need to get my own life insurance?

It’s important to review not only your home and content insurance but your own personal insurance including life, disability, trauma and income protection.

Insurance is an area often looked over in times of emotional and financial anguish but it is one that should be discussed with a professional adviser to sort out what is required, how much is needed and how to structure policies to ensure its cost-effectiveness and appropriateness.

Tip: If you have your ex-partner as the beneficiary of your insurance policy, you’d want to get this changed.

A professional adviser can help you to:

Review, recommend and organise appropriate insurances for you and for your dependents.

  1. What happens to our superannuation?

Superannuation is treated very differently in times of a separation or a divorce. It is managed as property under the Family Law Act 1975. It is different because although it’s considered to be property, it is held in a trust, and under superannuation splitting laws, it can be split after a relationship breakdown.

What a professional financial adviser can help you with is to:

Review your superannuation and retirement savings
Recommend superannuation build up strategies to help accelerate retirement savings.

  1. Do I need to update my Will?

Another important area to consider is updating one’s Will when a relationship breaks down or a divorce is imminent.

If you have made a binding nomination in your super or insurance policies, the beneficiaries named (most likely your ex-partner) in these policies can override anyone mentioned in a Will.

At times of major life event triggers such as a divorce or as your legal rights change, important documents such as a Will need to be updated to reflect your new situation, and consider it as part of your overall Estate Planning needs.

A professional adviser can help you to:

Seek legal advice to ensure your Will is updated or created

Life events often trigger a client’s need for financial planning advice including going through a divorce.

Being financially aware and prepared can save you more heartache and emotional stress.

If you require help with your situation, please speak to a DOME financial adviser.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.