Education Centre

I share the very high value that State Super Financial Services puts on client services in terms of working with individual clients to help them achieve financial peace of mind. I engage with clients and earn their trust by explaining in simple, easy to understand language how they can benefit from strategies suited to their individual needs.
Cecilia Chow
Financial Planner SSFS

Planning your financial future

For most of us retirement isn’t planned, it tends to creep up on us until suddenly it’s just around the corner. Unfortunately, what can go hand in hand with not preparing for your future financial security is the loss of choice. When your retirement income is restricted, so are your lifestyle choices. This might mean having to work longer than you had intended, forgoing the overseas holiday, the new car, the new kitchen or the regular entertainment.

It can be difficult working out how much you’ll need to fund the lifestyle you want when you come to finish full-time work and even harder taking the first steps on the path to get you where you want to be. The following outlines some important issues which should help get you started in the right direction.

Know what you want

We all need something to aim for and when you set yourself a goal, it can make the journey of where you want to get to much easier.

Consider:

When would you like to retire?
Where do you want to live?
How much money will you need to live on?
How will you manage the transition from work to retirement?

Spend some time thinking about the choices you would like to make.

Matching your investments with your time horizon

Matching your investments with your time horizon is one of the secrets of successful investing. For example, short-term savings you intend to use within 1 to 2 years, are usually best held in an investment with a matching time horizon, such as cash. However, when investing for your retirement income, consider including growth assets which have a much longer time frame. Historically, growth assets like shares and property have out performed defensive assets such as cash and fixed interest in the longer term.

Make the most of your superannuation

For many of us, our super is our biggest investment outside our home. It pays to make sure every dollar of your superannuation is working as hard as it can for you. Are you maximising the advantages which come from being a member of a defined benefit scheme? Consider salary sacrifice and spouse contributions, which offer more than just tax advantages. In the long-term, boosting your super savings will mean you will be able to maximise your retirement options.

Better late than never

While it always helps to start saving early, it’s important to remember there are measures you can implement now which will help you bolster your retirement savings. Consider moving your rainy day money into superannuation, particularly as you get closer to retirement. For those born before July 1960, it will be accessible once you reach 55 and retire from the workforce. In the meantime it will be growing in a tax advantaged environment. Find out more about the different strategies which are available to help you boost your retirement savings.

Attend a Seminar

Attending a seminar allows you to increase your knowledge and become familiar with the terminology that goes with superannuation, wealth accumulation strategies and retirement planning. To register your interest to attend a seminar click here and select the seminar option that best meets your needs.