Retirement means different things to different people. For some, traveling around in Australia in a caravan is a life-long dream but for others flying at the pointy end of the plane and staying in 5-star hotels around the world is more how they see life after work. Or maybe spending more time with the grandkids or volunteering in your local community rate high on your list of retirement goals.

We all have different ideas of what the second half of our lives looks like and that’s why planning for your retirement is so important.

Why is retirement planning important?

 We are living longer and for most of us compulsory superannuation payments or the Age Pension alone won’t be enough to help us achieve the retirement lifestyle we’re dreaming about.

Putting a long-term financial plan in place will provide you with the comfort of knowing that you can do all those things that you dreamed of and that your financial future is under control.

 How we can help

 SPG Wealth Financial Advisers can help you work out how much money you have now, how much you might have in the future and where it is coming from.

We will help you:

• Identify your retirement goals
• Review your income and cashflow requirements
• Identify what assets (house, savings, investments) you have and how much they are worth
• Assess how much super you have and when you can access it
• Find ways to grow your retirement income
• Put plans in place to make your money last in retirement
• Determine when you can apply for the age pension and whether you are likely to be eligible.
• Review your estate planning

How much money do I need to retire comfortably?

This is the magic question and how much money you need in your retirement nest egg will depend entirely on how you want to live in retirement.

According to the Association of Superannuation Funds of Australia’s Retirement Standard 2015, to have a ‘comfortable’ retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.

The Standard is updated four times a year to take into consideration the rising price of items like food and utility bills, as well as changing lifestyle expectations and spending habits.

The Standard includes the cost of things such as health, communication, clothing, travel and household goods.

To see the latest Standard click here

Please contact one of our qualified Financial Advisers at SPG Wealth on 0450 900 436 to discuss your retirement planning needs.

Wealth protection is all about reducing the risks associated with wealth accumulation and the protection of what you have already acquired. You may be thinking ‘who needs life insurance?’ Simply, if you have a family who is financially dependent on you and/or have debts that are serviced from your income alone, you should consider the peace of mind life insurance may bring. Obviously, the greater your financial obligations and the more dependants you have, the more insurance you may need to protect your assets and your family’s financial security. Life is full of uncertainty and often the unexpected can occur. The death, injury or illness of a loved one can place an enormous strain on a family both emotionally and financially. Have you considered how your family would cope financially, if something were to happen? Having a financial safety net in the event of sickness, disability or death can help ensure you and your family are protected during a difficult time.

Total and permanent disablement (TPD)

TPD cover provides a lump sum if you become unable to work due to a permanent disability. This cover can help you pay for medical expenses, repay major debts and help provide for your future.

Trauma cover

Trauma cover provides a lump sum if you’re diagnosed with a medical condition or undergo a procedure outlined in your policy. This may include a heart attack, major organ transplant, cancer or stroke — to name a few. Trauma cover is designed to help cover your medical costs and living expenses, providing you with some financial security during the important recovery period.

Death cover

Death cover may be important for people of all ages, especially if you have others relying on you and large debts such as a mortgage. Death cover provides a lump sum to your beneficiaries if you die. This can be used to help meet the costs of your mortgage, other debts and/or cover your family’s future expenses. Many policies make an advance payment of the insured sum if you are diagnosed with a terminal illness. With Death, Total Permanent Disablement and Trauma cover you can:

• Find comfort in knowing your family will receive a lump sum payment to help them financially if you were to die or become terminally ill.
• Receive financial support if you become seriously disabled, maintain your quality of life and help meet the cost of rehabilitation programs and daily living expenses with TPD insurance.
• Take the financial pressure off and give yourself time to recover, should you experience one of the traumatic events listed in our trauma cover, including cancer, stroke, heart attack and coronary artery surgery. Children’s trauma cover can also be selected.

Income Protection Insurance

You insure your car, the family home and even your health – so why not your ability to earn an income. Have you ever thought about what would happen if you became ill or were injured and couldn’t work for an extended period of time? Would you be able to meet your financial commitments without your regular income? If not, it’s time you considered income protection. When you think about what life would be like without your regular income, your earning capacity becomes possibly your greatest asset. Chances are, you’ve based the achievement of your goals and ambitions on having a regular cash flow. If you became ill and were unable to work and maintain that cash flow, your goals may no longer be achievable.

Business Overheads Insurance

What would happen to your business if you were too ill or injured to work? Business Overheads Insurance helps you meet your ongoing business expenses by reimbursing eligible business overheads as a monthly amount if you are too ill or injured to work.

Protect your business expenses

Recover with peace of mind knowing that, if you are unable to work due to injury or illness, your business overheads insurance will reimburse your business expenses such as:

• Rent
• Property Rates
• Vehicle leases
• Salaries

SPG Wealth provides wealth protection advice in Cockburn Central. Contact us on 0450 900 436.