Redundancy – Where to Next?
The past few weeks has seen a large number of corporate failures and closures resulting in redundancies across a number of Australian industries. We have seen recently seen Forge Engineering and Mining Services go into administration as well as Ford and Holden announcing they will be leaving Australia by 2017, costing thousands of Australians their jobs.
That’s over 5,000 workers in Australia who already have or will lose their jobs in a short space of time. At Life Financial Planners we have extensive experience in working with outplacement organisations who specialise in employment termination. If you find yourself in this situation, let us help you plan for this transitionary period and avoid unnecessary anguish.
Here are a few websites as well that might be of help:
Retirement Planning – the Sooner the Better!
You are never too young to start retirement planning, as highlighted in this recent article from The Canberra Times. One potential way to boost your retirement savings is to start salary sacrificing or by making additional contributions from early into your career. As each generation lives longer than the previous it’s important to realise your super may need to last you thirty or more years. Something to think about!
Read the article here:
How to be Super at Every Age
Taking control of your superannuation can seem like a daunting and somewhat tedious task, especially if you are many years off retirement.
Taking the time now to make a few small changes to how you approach your super can make all the difference later in life.
The earlier you look at your options, such as putting a little extra aside each month or choosing the right investments, the better your long term prospects are. This article from Marie Clare (October 2013 edition) gives a few great tips to get you started:
How to be Super at Every Age
Seeking help from a financial adviser early on can really make the task a lot less taxing. We can monitor and review your super and find the most suitable options for you, depending on your stage in life.
Call us now for your free financial health check to get the ball rolling!
Buying Time – The Importance of Trauma Insurance
Almost everyone in Australia is affected by cancer at some point in their lives. While the physical and emotional side effects are well known, the financial side effects are often the elephant in the room.
The recent Four Corners story ‘Buying Time’ documents the escalating costs of fighting cancer and how treatment options can be severely limited by finances:
It can be frightening to think that the treatments available to you can be determined by what you can afford. As drug trials and new treatments become available, it can take many years for the government to provide financial relief for the cost of these products. Unfortunately for many sufferers time is not on their side.
Adequate Trauma insurance can provide peace of mind that you could at least ease your financial burden should you fall ill, allowing you to focus on regaining your health.
If you would like to discuss your insurance needs, please call us to arrange your free consultation.
Be Prepared with Income Protection Insurance
Samantha Young was diagnosed with breast cancer at the age of 44. With two young daughters to support and unable to work, her story is a great reminder to always consider the unthinkable. By being prepared and having Income Protection insurance in place, Samantha was able to focus on her health and her daughters, instead of wasting precious time and energy trying to fund her fight.
Read her inspirational story here.
31 March 2012 | Gillian Bullock, The Australian, page 30
One way to free up capital in your self-managed super fund before you reach the preservation age of 55 is to transfer your business property into your fund. By doing this you will release money from your superannuation ahead of time, free up the equity in your company’s premises and give your business a cash injection to expand or provide cashflow. And there will probably be no capital gains tax on the Continue reading
5 April 2012 | Emily Morgan, WA Business News
The federal government introduced new rules in July last year around how self-managed super funds invest in art and the art sector is already feeling the effects on sales, according to industry insiders and stakeholders opposed to the changes. The regulations state SMSFs cannot derive a present-day benefit from art as an investment, they can only do so for future financial gain. Art has to be stored at premises independent of fund-related parties and must be insured accordingly, to make sure the sole purpose of the investment is to provide financial security in retirement.
10 April 2012 | Carlie Gibson, The Australian, page 21
Last week’s ground-breaking announcement by actuarial consultants Rice Warner that they would like to pay female staff a higher super contribution than men is a recognition that although women live longer than men, they tend to have half as much super when they retire. Continue reading