Financial and Business Planning

The Aussie Over 50s Guide to Financial Planning

Helpful Hints on where to Look for Financial Support

Let us face facts! If you are over 50 you do not need anyone to explain to you that your financial needs are vastly different from those that are younger.

Nevertheless whether you are looking to start a new business venture or simply need to plan ahead for the next few decades and retirement some helpful advice along the way is worth chasing.

Financial planners often talk about getting things in order; and some seem think that once you are over 50 that you mean planning for your funeral!

It is not a drastic as all that just yet, however some consideration should be given to ensuring that a monetary plan is in place for enjoying the next few decades and later for your retirement.

Financial planning is much more than selecting products or funds and putting in money. Meeting with a professional financial planner face to face then having a financial plan containing your goals and preferences prepared and continually reviewed by an expert gives you complete peace of mind.

And whether you need a little advice for a new business or simply for living day to day on investments your finances must remain well-organised, stay on track, plus help you very much to achieve what you and your family want from life over the long-term.

It is a good idea when selecting a financial planner NOT to select one who charges a percentage of your investment e.g.: 2% While it sounds cheap 2% it is not in the long term because they will continue to take this commission from your money every year with out completing any work and still in many cases receive overriding commissions from the company whose product they sold you. It is wiser to pay an upfront fee, most planners will allow you to have your introduction as a free visit then once requested to make a formal plan will charge a fee.

A Few Free Financial Planning Tips!

Make Sure Your Will is up to Date and Relevant

It is so simple to and quick to do. If you do not yet have a will it is very important to get it done as soon as possible, even if you are only 21!

CHOICE Magazine recommends that "DIY will kits are a low-cost option for drafting a simple will." CHOICE put four to the test and found big differences. Click on the link below to CHOICE to read more about "How To Draft Your Will."

You are able to obtain a Free Will Kits online. However if substantial amounts pf property, money and investments are involved or more than a couple of inheritors it may be better to go pay to have a will drawn up by a solicitor to be sure everything is completed correctly.

Check your Credit Card Status

Check out your current credit card and be sure you have a card with the lowest or preferable NO annual fees, lowest interest rate and a long interest free period say 55 days!

If yours does not change it, contact the bank and tell them you are not happy with the current costs, or simple close it and choose another card. Credit cards with annual fees and rewards programs attached carry the highest rates and in most case they are not worth holding.

Remember to always ensure you pay your credit card balance before it is due.

Health Cover and Check-ups

With health issues appearing ever more earlier than expected with modern living it is important that even once the height of thirty is achieved that we get into the mindset of Health Check Ups. And once Fifty Plus then expect to have to deal with health issues more frequently.

Ensure you have at least basic health cover insurance and include dental, optical, physiotherapy as we age we do become frailer and good heath cover will be a blessing.


Obtain a good level of life insurance for both you and your spouse. Yes sometimes it is good to feel comfortable in the idea if something does happen you have monetary coverage for arising expenses.

If you are still enjoying an income, make regular voluntary contributions to your Superannuation or retirement fund.

Retain at least six months expenses in the highest earning at call savings account you are able to find assisting in covering medical or other emergencies.

Invest other moneys into high longer term investments or an index share fund and leave it in place as security.

Keep this in mind! - Despite the availability of high interest online savings accounts being available for a number of years many Australians still have money sitting in dormant in low interest transaction accounts, most often offered by the major banks despite the fact that they pay rip off low interest rates like 0.1%! So be sure to check to see if you have any old accounts and see if you have any money tucked away in these and MOVE THEM!

Getting the Australian Aged Pension

The following link takes you directly to the Australian Government Human Recourses: CENTRELINK page. It is a very informative website and easy to navigate.

Other Helpful Information!

Reverse Mortgage: See Seniors First link above

If you are over 50 - 60 and own your own home, you may be able to convert some of the equity to cash via a reverse mortgage.

This type of loan is designed with seniors in mind: Seniors Loans.

A new way to convert some of you money back into cash they are a very popular and can be a great way to supplement the aged pension or superannuation income.

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