Skip to main content

Are You Starting Again?

For those of you currently working in the resources industry, you would no doubt understand that the potential downside is the punishing rosters and long periods away from home that can take a toll on your family and personal life. Sure, the money is good for the most part, but it comes at a cost.
Unfortunately, many marriages suffer irreparably and many industry workers find themselves having to “start again” after relationship breakdown and divorce. 
It can be an extremely difficult time and apart from the emotional strain, there’s the stress of having to rebuild financially.  Quite often, you may find yourself in a situation where you’re left with minimal assets and essentially must start again.
In this situation, it’s critical to make sure you have your superannuation structured and invested correctly.
If you’ve come through a divorce with your superannuation intact, it may end up being your biggest asset.
You really need to get it working for you. The other issue is you need to make sure your income is adequately insured.
If you’re starting again, the income you’ll earn between now and retirement is extremely important in helping you to build an asset base to fund you in your later years.
Be informed, be curious, be ready for the future you.
Download our free WEALTHFIT APP. Search your APP store for Wealthfit.
Apple click here |   Android click here. 



Comments

Popular posts from this blog

Are You protected?

I was in the field recently as SSE for a small exploration program. Our morning toolbox talk and risk assessment served as a reminder of just how many hazards we face when working in the resources industry.  It really can be dangerous at times. Of course, we put systems and controls in place to mitigate these risks, but the reality is, some risk still remains.
Protect your most important asset – your income.   Your ability to earn an income is your most important asset because your lifestyle depends on it. However, if you had to stop work tomorrow because of an accident or illness, would you be able to continue to pay your bills and afford the lifestyle you currently enjoy? What are the chances?More than 60% of Australians will be disabled for more than one month during their working life and more than 25% will be disabled for more than 3 months. Income Protection cover available through Hindsight Wealth. Income Protection cover pays up to 75% of your income to help you and your family mee…

When Can I Access My Super?

I frequently get asked the question “When can I access my super?” After all, it’s your money, you’ve worked hard for it, and no doubt you want to get your hands on it when you can.  Put simply, to access your superannuation, you need to meet a condition of release. For most people, this will be triggered when you retire and meet preservation age as per the below table:
So for those of you who are thinking “that’s ages away, why worry about it now” you should use the extra time you have up your sleeve to your advantage.  Even a small change in the annual return on your superannuation can have a huge difference when you retire. For those of you who are a little more advanced through your working life and are approaching preservation age, it’s important you don’t wait until the last minute to plan how you will access your super.  You need to be smart about it to ensure you access your superannuation in a way that is tax effective and will last you throughout your retirement years. Regardless …

Are You About to Lose your Insurance?

In the 2018/2019 budget (released in May this year) the government talks about tailoring insurance arrangements.  Basically, every time a person starts a job and opts to use the default, associated industry superannuation fund, they will likely have a group insurance policy (life insurance and/or tpd and/or income protection) automatically opened.  What this means is that for someone that has multiple jobs over their career they can end up with multiple insurance policies and paying multiple premiums from their super funds. So, the governments idea to hold fewer automatic insurance policies, will allow Australians to grow their balances faster and protect low balances from being eroded entirely. Make sense? For the most part it seems like a good idea. A 20 something single worker with no debt and no family may not need $500,000 in default life insurance cover. It is an unnecessary cost to their superannuation fund. Some super funds have started to pre-empt the government’s announcemen…