Financial planning through life

Financial planning is an effective tool to manage your personal finances effectively over various stages of life so that your personal objectives and goals can be met.

By creating a roadmap which considers your personal circumstances, financial planning can enhance your financial position. Whether you are just starting your career or nearing retirement, it’s never too early or too late to start financial planning for your future.

Financial advice is commonly mistaken as a product offering whereas it is all about understanding the goals and objectives of the individual, their unique situation and developing a long-term strategy to help them achieve those goals.

The Financial Planning Process

The benefits of financial planning through life stages are numerous. Key benefits include:

  • Achieve financial goals – By creating a roadmap for their finances, individuals can identify their financial goals and create a plan to achieve them. This can include saving for a down payment on a house, paying for children’s education, paying off debt, or investing for retirement.
  • Build wealth – Financial planning can help individuals build wealth over time. By taking a mid- to long-term view on diversified investments, individuals can grow their wealth for the future, while providing for current lifestyle expenses.
  • Protect wealth – Appropriate level of insurance coverage for yourself and your assets helps to protect what you have achieved so far and make sure that your goals will be achieved if life will have any unexpected turns which could result in financial loss.
  • Passing assets to the next generation – Estate planning is an important aspect that can help protect individuals’ assets and ensure they are passed on to family members according to their wishes.

Outlined below are various stages of life and the key points which needs to be reviewed:

AgeLife stageActions you can take
20-35Early career- Prepare a personal budget
- Demonstrate savings record
- Build a positive credit history
- Review life insurance cover
35-49Mid-career- Repay debt
- Pay for children's education
- Review insurance needs
- Add to superannuation
- Prepare a will
50-65Pre-retirement- Consider investment options
- Build retirement savings
- Consider tax minimisation strategies
- Review insurance
- Cashflow planning
- Plan for retirement lifestyle
- Invest inheritance
- Estate planning
65-85Retirement- Consider retirement pension options
- What Government benefits are you eligible for?
- Help children financially
- Pay for grandchildren's education
- Review estate planning
86 and beyondSupported living- Consider retirement income
- Consinder aged care /assisted living funding
- Arrange to pass wealth to next generation in a tax-effective manner

A qualified financial advisor can be your partner to navigate through the constant change that occurs in life, while taking into consideration the financial markets and investment options. A financial advisor can add value by clarifying your goals and providing you the detailed plan for your situation. Financial planning is very personal so the strategy should be tailored based on your needs, capacity, and investment preferences.

It is important that you are aware of the stage you are in and what you wish to achieve. However, you may not be aware of the possibilities that could arise from your current circumstances or of your options. A financial advisor can add significant value to help you build your financial future by providing an objective perspective and expert advice.

By working with a financial advisor, individuals can make informed decisions and create a comprehensive financial plan that helps them achieve their financial goals at each life stage.

For more information contact your local Bentleys advisor. We’re here to help you get where you want to be.

Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.

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