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Finance Planning, PAC Financial

When Is the Best Time to Visit a Financial Planner?

Life can throw any one of us a curve ball. Just when we think everything is going swimmingly, a death, redundancy or unexpected expense can knock us sideways.

With these kinds of life events, financial challenges can come raining down.

But, even at times when we mundanely trundle through life, it’s well worth taking stock and giving our financial well-being a health check. It’s arguably as important to visit a financial planner in the good times. Forewarned is forearmed, after all.

Read on to find out the best times to get the benefits a financial planner can bring you for a brighter financial future.

Preparing for Retirement

You’re never too young to start thinking about the sort of lifestyle you might want to enjoy when you stop working. In fact, the earlier you start considering life once you have retired, the better. Your financial future is important.

The ideal time to start considering retirement planning is the moment you start earning. For some people that could be when they leave school. However, it is always wise to revisit your pension plans regularly, once a year would be ideal.

It is never too late to consider your options. Most Australians will earn their highest salary from middle age onwards. That could be another great opportunity to ensure your pension is going to match your expectations.

Super is the way the vast majority of us save for retirement. In a nutshell, the more you save in your super, the better your chances of having more cash in place for your later years.

There are some snags around super that could trip you up during your career. We can help you mitigate the risks of these happening. The main issues that can crop up relate to:

  • Fees charged by the vast array of providers
  • Managing your super if you switch jobs regularly

All employers have to make super contributions for you. It doesn’t matter how much you earn. If you forget or overlook letting your employer know your preferred provider, they’ll decide for you. Taking your eye off the ball may not always be in your best interest.

Letting a financial planner check through your past contributions and your expectations for the future could end up securing you a retirement strategy that suits your interests better.

Estate Planning

Many of us work long and hard to build up a nest egg that’ll see us through until the end of our days. It’s a mistake not to prepare for what happens to that hard-earned cash once we’re no longer here.

Too many of us leave this until our later years. None of us knows exactly how long we have ahead of us, so the moment you have any kind of savings or assets, you should consider drawing up a will and then revisiting it from time to time.

We can also talk you through when the best moment might be to offload any assets you may have to a chosen beneficiary. This typically happens when people head into their later years. We can also show you how to pay the least tax possible when passing on those assets.

When you offload assets and who you offload them to can be critical. We can help you with a plan to give to your accountant and lawyer or work with them to get your estate plan in order in the simplest and most tax effective way saving you and your beneficiaries. Whether it be related to the structuring of your estate assets, testimonial trusts, guardianship or powers of attorney. We’ll work with you and the prescribed professionals to get everything sorted.

Tax Planning

Whether you are earning or retired, there are strategies that can reduce your taxes. Potential savings on Capital Gains Tax can be huge. Even if you’re not planning on selling your investments now, we can advise you on actions that could save you hundreds to thousands of dollars.

Once we can get a clear picture of your financial history and current assets, we can advise you about:

  • How to claim all the tax deductions you may have an entitlement to
  • Sorting out any income you get that should be tax-free
  • Capital Gains Tax related to your home

Debt Management

Running up credit can happen at any age, with average household debt standing at $261,492 in 2021-22, according to the latest figures from the Australian Bureau of Statistics (ABS). Whether you’ve just embarked on a career and have overstretched yourself or have run into difficulties in other circumstances, we can help you manage your debt.

Given the current economic climate, it’s hardly surprising that many of us are struggling. High-interest rates on loans along with salaries that do not keep up with inflation are causing many families real hardship. The best favour you can do yourself is not to bury your head in the sand. Talk to us.

However much debt you have accumulated, there will always be a way forward. This could be to consolidate several debts into a single loan with a more favourable interest rate, for example. We can help you with the best plan of action to get you back on an even keel with a brighter financial future ahead.

If you’re considering saving for a big purchase, take stock for a moment. Sometimes borrowing may cost you less in the long run. We’ll help you to weigh up the options.

Budgeting and Cashflow Advice

It’s quite possible that with a few simple tweaks to your budget, we can make you big savings. That can be useful for people of any age.

For example, if you’re in your 20s or 30s you might well be able to save more on a house you’d like to buy. Or, if you’re middle-aged or older, it could free up more cash to put towards your pension for your financial future. If you’ve retired already, we might be able to save you money that you’d prefer to spend on a luxury that you’ve always wanted.

Not everyone is born with a gift for accounting. We know that some people find organising their finances an uphill struggle. They may be indifferent or simply too busy to give their monthly budget a health check. We can help.

Once we have a clear picture of how you are managing your finances over a month or so, we’ll be able to give you recommendations that could save you hundreds or even thousands of dollars. Seeing you owning your home, on holidays or retiring sooner.

We’ll want to see:

  • How you pay your bills, manage any debt and save
  • Who you bank with and who your credit and debit card providers are
  • A breakdown of your utility services from mobiles and Wi-Fi to electricity and gas

Dealing with an Inheritance

Being a beneficiary in someone’s will can be a double-edged sword. There may be a financial benefit but there can also be a lot of raw emotion to process. The death of a loved one can affect any of us at any age. It can often come as a total shock.

It’s quite possible that you may only ever experience receiving an inheritance once in your lifetime. It’s something we deal with day in and day out so it makes sense to seek advice from us about the way forward.

Tax is likely to be the most important consideration. Although there are no estate taxes in Australia, there could be tax payable on death benefits from super funds. It will get paid before you receive your inheritance but it’s worth being aware of this before making plans.

Tax considerations generally kick in when you’re planning what you then do with your inheritance once you get it. One of the benefits of a financial planner is that they can talk you through all the best options to suit you and your circumstances.

Planning Your Financial Future

We at PAC Financial offer a range of financial services for all eventualities. It’s always a good time to talk to a financial planner about your financial future whatever your age or circumstances. We have a team of highly qualified experts on hand to help and advise you through both the good and the bad times.

Get in touch today and book a free consult with one of our expert financial advisers.



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