Wealth protection is an important component for those planning their financial futures. We have helped many Perth residents do just that since 2005. When helping our clients save and produce income for their retirements, we see protecting that money as equally important. So do our friends at the Financial Planning Association of Australia (FPA), who recently wrote an article called “You’ve worked hard for the money, now it’s time to protect it.”*
According to the FPA, statistics indicate that Australians approaching retirement can expect to spend an average of 23 years between retiring and passing on. For some, their money could run out in as little as ten years, forcing them to rely on age pension as their sole source of income.*
According to the FPA, saving for retirement should be a “fundamental financial priority,” but so should protecting that income, especially for those in their “last few years in the workforce.” Many who are in their last few years of working aren’t as healthy as they were when they were younger and may not have enough sick leave to cover illness.*
At the age of 50, the risk of cancer or heart attack increases; this makes it more difficult or expensive for many to obtain insurance. Life cover and income protection are both available through your super, but the premiums affect your super’s balance. *
Many people buying cover have to decide between long term availability and short term affordability, causing many to choose stepped premiums that cost more when reaching retirement age. Because there are so many variables when purchasing wealth protection products, the FPA advises using a financial planner.*
Call Approved Financial Planners Today
At Approved Financial Planners, we can explain your options to you fully and help you select the wealth protection products that are the best for your individual situation. To learn more, call our Perth office today: 08 6462 0888.
*Financial Planning Association of Australia, “You’ve worked hard for the money, now it’s time to protect it.” 20 August 2015.
