Identifying Your Goals and Simplifying Your Finances at Each Stage of Life

Identifying Your Goals and Simplifying Your Finances at Each Stage of Life

People often turn to a Financial Planner to simplify their finances and set achievable financial goals, providing greater confidence to plan for their future.

At PrimeWealth, our Senior Advisors can help you with areas such as Cash Flow Management, Savings Plan, Asset Protection, Superannuation, Tax Optimisation, Home Loan Repayments, Debt Management and Reduction, Insurance, Investments, and Retirement Planning.

Understandably, your financial goals will change over your lifespan. It would be best if you had a financial plan to suit the stage of life you are in. Here are some of the common needs of each life stage:

  • Young to Mid-Life
  • Mid-Life
  • Pre-Retirement
  • Retirement

1. Young to Mid-Life

In this life stage people are often motivated in establishing and building their careers and perhaps starting a family. You may be interested in:

  • Buying your first home
  • Travelling
  • Paying off your HECS
  • Getting Married
  • Family Planning
  • Organising Family Healthcare
  • Starting a Business

2. Mid-Life

This is known as the Consolidation Stage, achieving a comfortable lifestyle and working towards a long term future are usually the key priorities. You are likely to focus on:

  • Healthcare
  • Investments
  • Financing Home Renovations
  • Tax Optimisation
  • Debt Management
  • Inheritance
  • Retirement Planning
  • Long Term Care Planning
  • Income Protection

3. Pre-Retirement

With 20 or more years of retirement ahead of you, your priorities will depend on how well you have planned for your future. Your main concerns may be:

  • Asset Protection
  • Debt Elimination
  • Family Healthcare
  • Planning For Your Children’s Future
  • Retirement Planning
  • Wills and Trusts
  • Business Exit Strategy

4. Retirement

This is the time to indulge in hobbies or travel, enjoy your family, and make preparations to transfer your wealth. You may be thinking of:

  • Asset Protection
  • Healthcare
  • Aged Care Planning
  • Travelling
  • Buying a Boat
  • Inheritance Tax Mitigation
  • Preserving Your Capital
  • Gifting To Family
  • Estate Planning

At PrimeWealth, we are passionate about understanding where you are on your journey, being clear on your goals, partnering with you to create the right strategy, and keeping you on track with regular catchups along the way.


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Superannuation Reforms – are you 30 June 2017 ready?

Superannuation Reforms – are you 30 June 2017 ready?

Your Superannuation & the Reforms – what it could mean for you

The superannuation reforms announced in the 2016-2017 Federal budget have passed Parliament and will come into effect from 1 July 2017. Previous changes that the Howard government introduced in 2007 which allowed contributions up to $1million were significant. There have been changes since then but these are the biggest changes seen in a decade.

The reforms have a huge impact on the ability to contribute funds to superannuation. The superannuation environment is the most tax friendly environment and these changes will now limit the amounts you can contribute. It is time to consider the impact these changes may have on you and consider any action you may need to take before 30 June 2017. It is imperative right now to make sure you are making full use of what you can within the current rules. Our team are ready to discuss your situation & help you make informed decisions now and to plan for your future.

With the reform that will reduce the tax-free limit in pension phase to $1.6 million, it is important to maximise the exempt current income amount. This must be looked at on an individual or SMSF member basis to work out the balance of pension and/or accumulation amounts. There is no ‘one size fits all’ approach.

In moving from the current rules to the new rules there are various choices and options to be looked at regarding CGT cost bases and the outcomes that could have a significant impact for the future. Any changes to your current situation need to be finalised before 30 June 2017.

If you are under 65 and making non-concessional contributions to superannuation, the reforms reduce the cap and change the ‘bring forward’ rule which will limit the amount you can contribute in any one year. Taking advantage of the bring forward rule now will utilise the current caps and allow you to maximise these contributions before the changes come into effect.

There may also be some steps to consider for succession planning in self-managed super funds as the current estate instructions in place may not be relevant to you & your partner after 30 June 2017.

Read the full article for further details or you can contact us to have a chat to one of our team

You can’t just sit back and wait – 30 June 2017 superannuation reforms could have a lasting impact on your future. Some plans will need to be made and finalised in the 2017 financial year and some will be ongoing. Make the most of the next 3 months.

How can we help?

Our accounting  specialists are ready to assess your situation and provide the various strategies to our wealth advisors who will deliver the advice and implementation plan to you so are 30 June 2017 ready.

Contact us now 
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PrimeAdvisory 2016 Federal Budget Review

PrimeAdvisory 2016 Federal Budget Review

The Federal Treasurer Scott Morrison has handed down the Budget for the 2016/17 year.

This budget includes many initiatives to stimulate the economy and establish a 10 year economic plan that will transition Australia from a mining led economy to a stronger, more diversified economy encouraging innovation and job growth. Read More

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