Keeping your eyes on the prize

04 Jul 2014

By Belinda Von Knoll 

The end of one financial year and the start of the next is usually a great time to stop and think about new opportunities which may be available to enhance your overall financial well being. Most of us will have been impacted in one way or another by the changes announced in the May Federal Budget. While it's often easy to spot how we've been negatively impacted by these changes, what can be harder to know is how we can best use these changes to our advantage.

Some people will find there are new ways to build wealth, for example through the increased contribution caps which can be a really great way to tax effectively save for your retirement. For others, changes to the age pension and Centrelink benefits may mean they need to rethink when they're retiring so they don't miss out on the benefits which are currently available. What it all boils down to is understanding what's changed, how to use the changes to your best advantage and ultimately securing the lifestyle you want now and throughout your retirement.

Specialists abound in all areas of life

I'm often amazed by the casual approach many people have when it comes to their superannuation and retirement savings. Incredibly we think nothing of seeking out professional help from doctors, dentists, builders, car mechanics, electricians, plumbers, etc. Yet, as we get caught up in our increasingly busy lives, we simply don't prioritise our finances often until retirement is just on the horizon. Other people may feel they can go it alone without expert help or may even find the thought of sitting down with a professional financial adviser a little daunting.

Understand your choices

The key to building wealth for a secure financial future comes down to being in a position to make informed decisions. If you don't feel quite ready to meet with a financial adviser, or are unsure of the value they could bring to your individual situation, then a good starting point for you would be to download your FREE retirement planning eBook "Control your retirement destiny: Six steps toachieving financial security in retirement" Whether you're five, ten or 20 years from retirement, this eBook contains some great ideas and tips on what you could be doing now to improve your overall financial situation.

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