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Superannuation – will you retire on it?

Business consultancy Australia

business consultancy AustraliaMy cynical view is, “For the majority, probably not!”  Younger workers with time on their side perceive no immediate need and therefore, have little interest.  Older workers have the need and the regret of not acting sooner, but lack the time to accumulate sufficient retirement savings.

I believe that if it wasn’t for compulsory superannuation and union super funds, most workers wouldn’t have any superannuation savings at all.  Nor would they have any personal insurance protection.   To most people, superannuation is just another form to fill in when starting a new job; and to get life insurance is just another budget impost with a benefit that the life insured will never see.

It is only when it is too late that the benefits of needs-based superannuation savings and insurance protection are fully realized.   I regularly receive enquiries from people who are two years off retirement or who have been diagnosed with cancer.  As much as I feel their desperation and regret, we are planners, not magicians.

But then the phone rings and the person on the other end tells me that they have taken stock of their life and they have realised that they need to budget; address their debts; start saving for the future; and protect their family (while still healthy) in case life deals them an unfortunate blow.

These are the clients I live for – people who live for today and want to plan for tomorrow; people who look past their own mortality to the financial welfare of their spouse and children.

I again remember why I chose this profession – to help people who are willing to help themselves.

Dying with nothing

“Protection is critical!”

A young work-at-home business Mum with an inoperable brain tumour has less than 12-months to live.  She has no partner to support her and is unable to continue working.  She has a personal loan, two maxed-out credit cards and little cash savings to fall back on.  She relies on charity and the financial generosity of friends.

Her greatest regret is that she can no longer provide for her young children.  She is distraught at the prospect of what might become of them after she passes away.  She knows she is leaving them in poverty.

A friend asks her if she has any insurance.  She discovers that she has a small amount of life insurance through her last employer’s superannuation fund.    That will help her children a little after she has gone but is of no use to her while she is alive.

She has no Total & Permanent Disability insurance (TPD), critical illness (trauma) insurance or income protection, all of which could have helped her while she is alive.

She doesn’t know it but had she held her life insurance policy outside superannuation, she may have qualified for a terminal illness lump sum benefit in advance of the death benefit.  Benefits like this are not always available in superannuation.

Whilst financial planning and insurance advice can’t cure her inoperable brain tumour, it will solve the problem of dying with nothing; or worse, dying with nothing but debt.

For business & personal financial advice tailored to your needs call Gary personally on 0408 756 531


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