Mature Family

(AGE 45 TO 55)

This stage is quite critical. Your kids may bethinkingof leaving the family home or have already left, you would have paid a good chunk of you home loan, built up some money in super and have other investments outside of super. At this stage you need to take advantage of the strategies that will improve your position.

What you do in the next 15 to 20 years will determine how much you will have at retirement or when you choose to retire

Issues that might apply to you:

• Take advantage of the tax benefit that superannuation offers.
• You have a good combined cashflow so you must look at minimising income tax.
• There is equity available in your house to use for gearing strategies, if you are happy to look at gearing, you need to understand the risks and benefits.
• Review your current investments and how they fit into your personalised financial plan for the next 5- 10 years.
• Insurance needs have to be reviewed and updated. You may have less debt, income would have increased faster than inflation, your kids are independent or you are going through a divorce etc.
• Estate planning is vital. You might have sufficient assets to protect and need to make sure they get passed on to the right people (keep within your blood line) in the most tax effective way possible.