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Welcome to the September issue of Financial Insights and Updates.
We have a feature booklet this month, ‘Reducing the Trauma‘, which discusses the personal cost of critical health conditions today, providing lots of information with case studies and key statistics of some common critical conditions. Our article ‘Has your life changed recently?’ then looks at life changes/situations where you are highly recommended to review your will.
Other interesting articles this month include ‘How to get into the retirement comfort zone’ which discusses how it has been found that 40% of Australians retire without a plan and the importance of seeking retirement planning advice, and ‘How much do you need to be rich these days‘ which looks at what it takes to rank amongst Australia’s wealthiest 1%.
As always, feel free to forward any articles to friends and/or family that you feel may benefit from the information.
In signing off, please remember that we are always available to answer any questions or queries you may have and to come speak with us before making any major investment decisions.
Warm regards,
The Wealth Connexion Team
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Feature Booklet:
Reducing the Trauma
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The busier we get the more we tend to put off the important things. Often the last subject we want to think about is our Will or other estate planning requirements. Living life always seems to get in the way! Sometimes that’s not our fault, especially if there has been a crisis or major change in our lives. The irony is that’s exactly when these issues should take a higher priority.
If you or your family have recently (or not so recently) undergone a major life change, you need to update these important documents. A Will should be reviewed every three to five years, or when circumstances change to ensure it still meets your needs.
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Working and generating a stable income can be described as a comfort zone for most Australians.
The same can be said for having a well-considered retirement plan that clearly identifies your current financial position and outlines what it will take for you to achieve your desired retirement lifestyle.
Yet, Vanguard’s 2024 How Australia Retires research has found that 40% of Australians do not have a clear retirement plan (either formal or informal). In addition, 29% have a basic plan but only have some of the details worked out.
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In a recent media release, the Australian Securities and Investments Commission (ASIC) warned about a new scam doing the rounds.
Scammers attempt, through cold calls to superannuation savers, to extract personal and super fund details by offering incentives in the form of gift cards, competitions or mobile phones.
Some induce victims to create an account on their ‘comparison website’ to legitimise themselves and their advice.
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For decades the “Great Australian Dream” has been the general desire by most Australians just to own a home.
But that dream has morphed over time. These days it’s not just about owning a home but having the mortgage paid off either before retirement or soon after.
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Being a billionaire isn’t what it used to be. Back in 1990, Australia had one of them – the late media mogul Kerry Packer. But these days Australia has lots.
According to the just-released Australian Financial Review Rich List, there are now 150 individuals and families with an estimated wealth topping $1 billion. Collectively they control more than $600 billion in assets.
This year’s entry point just to make it onto the AFR’s list of Australia’s richest 200 was $718 million.
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Having a budget helps you see where your money is going. You can put aside money for bills and expenses and set up a plan to reach your financial goals.
Follow these steps to get started. Use how often you get paid as the timeframe for your budget. For example, if you get paid weekly, set up a weekly budget.
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Disclaimer
This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. We strongly suggest that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Although we consider the sources for this material reliable, no warranty is given and no liability is accepted for any statement or opinion or for any error or omission. Past performance is not a reliable indicator of future performance. Please refer to the Product Disclosure Statement (PDS) before investing in any products mentioned in this communication. This information is current as at the date of publish.
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