Take the right steps and you and your family can enjoy financial security. But you must anticipate your changing needs. Our panel of experts tells you how to plan for each decade, and Teresa Ooi spoke to real life couples.
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With few worries – except perhaps, a HECS debt and mum and dad ordering you to move out – you can live your life as it comes. A good time to lay the foundations of saving something for later. Avoid credit card and buy-now-pay-later schemes.
The money trouble years stretching every dollar. Couples have children and they discover day care costs, mortgage repayments, education, as well as food, petrol – the list goes on. The 30s are a scary time and need planning.
It feels like you’ve finally got control over your finances. You have kids, a house, a car, and a career. Life is coming along quite nicely. Crucial time for setting your super in order and checking insurances. Also, consider an investment portfolio.
Life is comfortable with the mortgage paid off, or close to it, and the kids on their way out. While this can be a great time of your life, there are often challenges. Divorce between 50 – 59 year-olds is increasing in Australia and it means the assets you’ve built as a couple may have to be split.
Retirement is just months away but the federal government is increasing the pension age. There is a fear of leaving the workforce as it’s what you’ve done for your entire life. Your health is also something to consider, so you need a good plan and you need to stick to it.
You’re living the high life. No kids, no work, lots of money! How could things get any better? Making sure your money lasts is a major concern throughout your 70s along with your health. You’ve been busy all your life – kids, property, mortgage, school – you’ve worked so hard, so why not enjoy it?
JENNY BROWN is the founder and CEO of JBS Financial Strategists. She is also the 2013 AFA Financial Adviser of the Year and the 2013 FS Smileys Scholar of the Year. With more than 21 years’ experience, and as Fellow Chartered Financial Practitioner, her philosophy is to know what’s important to her clients. She penned our portraits of the ages.
MATTHEW ROSS of Roskow Independent Advisory is a certified financial planner with over 17 years experience, and a Platinum Adviser at Adviser Ratings. He believes the true value of financial planning is about empowering and educating clients about the options and helping clients select the option that makes the most sense.
ELEANOR DARTNALL is the principal of Dartnall Advisers and 2014 AFA Financial Adviser of the Year, She has worked in the banking and finance sector for several decades. She believes she should educated clients in all aspects of managing their financial affairs, and she loves the client relationship that is built on trust.
BILL BRACEY is the founder and principal of Sydney Financial Planning. With 27 years experience he has helped many clients to realise their financial dreams. He features in a television series Your Best Interests which is about financial advice and the difference it makes to the lives of ordinary Australians.
THE REALLY SIMPLE GUIDE TO MONEY | OCTOBER 2015
The information provided in this page is general in nature and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information with regard to your objectives, financial situation and needs. You should seek independent advice from your financial adviser before making any decisions.
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