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3 ways to boost your Pension

 

Aussies are living 10 years longer than we did 50 years ago with a combination of medical advancement, increased life expectancy and more active lifestyles well into retirement. Expectations of retirement are also higher, whether that be overseas travel, learning a new skill or spoiling the grandkids. This increases the need to look at ways of boosting your retirement savings before the need to draw an income from those assets.

Recent changes to boost retirement income may go at least some of the way to achieving your dream retirement and providing for a healthy, independent and good life in your later years. While there are some changes that affect self-funded retirees, the changes generally relate to those with Centrelink entitlements.

Here are the three main areas where changes have been introduced as of 1 July 2019.

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How much does Aged Care cost?

Few of us think beyond the opportunity to travel and do all those things we’ve been putting off until we have more time and fewer responsibilities before we even think about moving into Aged Care for ourselves or loved ones. But as the population ages, it’s a possibility that few of us can ignore and based on discussions with clients about themselves or their family members a number do not know how much Aged care will cost them.

Over 3.6 million Australians, or 16 per cent of the population, are currently aged 65 and over.iThis is projected to grow to 22 per cent by 2061, or more than one in five.ii We’re also living longer as the average Australian can expect to live into their 80siii, and many of us will live beyond 90.iv

That means more of us will need some form of aged care late in life. And as pressure grows on aged care service providers to cater for more people, the costs may rise.

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The Financial Survival guide to Divorce

Let’s face it- ‘Happily ever after’ doesn’t always work out and when it doesn’t, what you are left with if not planned out properly is a mess.

Divorce is something that the Australian Bureau of Statistics says affects a number of Australians every year with the below information:

Key points for 2017 include:

  • The number of divorces granted increased by 2,428 (5.2%) in 2017 and the crude divorce rate increased from 1.9 divorces per 1,000 estimated resident population in 2016 to 2.0 divorces per 1,000 estimated resident population in 2017.
  • The median age at divorce for both males and females was unchanged in 2017. For males the median age at divorce was 45.5 years of age and the median age of females was 42.9 years of age.
  • The median duration from marriage to divorce in 2017 also remained stable at 12.0 years.
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What determines the cost of an insurance policy?

There are a number of factors that determine the cost of an insurance policy. A cheap life insurance or income protection insurance policy doesn’t necessarily mean it’s an inferior one, and by the same token, the most expensive policy may not be the best to suit your needs.

The price of an insurance policy is generally a reflection of how the underwriter views the risk of you claiming on that policy. As each insurer will attribute their own measure of risk to each element of your lifestyle, personal habits and work situation, your overall risk profile can fluctuate between one insurer and another. An Insurance policy should NOT be selected based on price and should be evaluated on how it meets your personal situation and if there is anything specific you may want to cover. A Risk Specialist or Financial Adviser can help determine what insurance is most appropriate and how to best protect yourself and your family.

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Be different today so you can live different tomorrow

From my experience of dealing with clients that come into our Oran Park office situated in the Macarthur Region, Every generation thinks life will be different – and of course, each one is right – but when it comes to planning for the future, while we’re young we have a habit of thinking there is still plenty of time. After all, when you’re in your mid-thirties or even early forties, retirement is still decades away; later if the government decides so!
However, like anything forgotten too long, the years pass quickly and the time we could have used constructively has disappeared. For example, early Generation X is now on the countdown to retirement.

If you want to be different today, plan to be different tomorrow.

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Protecting the life (and people) you love

With more Australians having children later in life, starting a second family and carrying significant levels of debt well into their 50s and 60s, life insurance has never been more important.

After talking to a number of client’s in our Oran Park office and around the greater Western Sydney region, I have found life is full of unexpected twists and turns and you never quite know what is around the corner. Protecting your family against the loss of all the things you have worked hard for over the years is the cornerstone of a sensible strategy to defend your wealth and current lifestyle.

Although most people know this, being ‘underinsured’ – or holding insufficient life-related insurance cover – remains common across all age groups in Australia.

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    Regional Sales Manager | Special Education Teacher

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