In for Your 50s

You've probably got on top of a lot of responsibilities in life and might be looking to make more lifestyle choices for yourself. If you have children, they're likely to be less dependent and may have left home. You might want to help fund your children's further education or help them purchase a car or their own place.

It's not uncommon for people in their 50s to be secure in their career, planning overseas travel and looking at growing their investment portfolio. Everyone over 50 should also be actively planning their retirement.

1. Review your risk profile

When did you last review your financial plan to check your investments are still on track to meet your financial goals? Over time your goals or attitude to risk may change, therefore your investment strategy may need to change as well.

2. Get financial advice on borrowing to invest

By now you have probably built up some equity in your home or an investment portfolio. You can consider borrowing against this equity to start or increase an existing investment with the objective of achieving increased returns on your investment. While gearing can result in increased returns in a rising market, it may also lead to a greater loss in a falling market. You need to strike a comfortable balance between the level of risk you are prepared to accept and your desired level of return.

3. Review insurance arrangements

Hopefully by now you've made sure you are protected with enough death, disability and income protection insurance. This can give you peace of mind that you and your loved ones would be provided for if something unexpected were to happen to you.

4. Pump up your super savings

Getting the right financial advice now can make a significant difference in building for your retirement.

5. Get financial Advice

These are complex strategies with significant tax implications if you get them wrong. Contact us today to learn what options are available to you.

6. Review your will

Estate Planning

Among other things, estate planning involves having a strategy so that in the event of your death, the distribution of your assets is managed as you intended. This is generally achieved through a Will.

Estate planning may also involve identifying and appointing another person to manage your affairs whilst you are still alive if you lose the ability to manage your own affairs.