Uncertain times

For the past few years, it seems every month the world becomes just slightly more unsettled and unsafe as the war continue to rage in the Ukraine and the middle east once again appears on the edge of widespread conflict.

It’s a time for everyone I think to reflect on what is happening overseas and be mindful of how just lucky we are to live in Australia, where for the most part, we live in a caring society where everyone is entitled to live a safe and happy life.

Its easy to feel despondent and negative, the challenge is to stay hopeful and optimistic. I have been reviewing portfolios in light of these increased security issues and I will continue to be contacting clients if I think changes in their investments are required.

As always, I am keeping a weathered eye on all your investments and tweaking them in line with recent changes in the international scene. This is a time to stick to the tried and true and wait for international markets to work through these unsettled times.

One of the best things about my work is seeing the change I can bring to the lives of clients. Typically, clients contact me when they need help planning the financial aspect of their lives for when they stop working.

They usually come into my office looking down caste and rejected, feeling that they haven’t done enough during their lives, that they haven’t saved enough and that somehow the future will be very bleak because of that.

Once we sit down though and go through the financial position, the reality is never that grim and you can see the physical change in people as I walk them through their options and explain that retirement can and should be the best years in their lives.

Achieving a happy retirement should help you plan out the basic steps you should take to do just that, enjoy your life knowing your finances are secure.

As part of this, if you are fortunate enough to be part of a couple, you should start as soon as you can to look are your separate super accounts as one entity. As making the most of being a couple explains there are some significant financial and tax advantages of working together to boost your combined super balance.

I spend so much time listening to potential clients outline some terrible past investment mistakes I thought it might be worth spending some time focused investments to avoid. So, I have made a list of the five worst investment mistakes but I could think of a dozen. So, I might include a second part to this article next month.

One mechanism that can help ensure money from your super fund flows directly to a specific loved ones or several loved ones, and which in the normal course of events, can’t be disputed, is listing a beneficiary on your superannuation account.

This is done by simply completing a form from your super fund. This will give you the option to name a beneficiary or multiple beneficiaries and determine the percentage of the funds held within your super account at the time of your passing, should be paid to them.

It’s a very cost-effective simple estate planning tool that everyone should make the most of with their super.

Australia is fast becoming the Switzerland of the Southern Hemisphere and I thought it is interesting how Australia has changed from being a net importer of capital to a next exporter and how the superannuation industry has not just secured the financial future of millions of Australians, it has secured the future of the nation.

As most clients know by now, I usually take the first ten days in November off and that will be the case this year. I will still be monitoring my emails, but I might be a bit slow to respond during the next two weeks.

GENERAL ADVICE WARNING:
The information in this newsletter is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.

Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation, and needs.

In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making an investment decision in relation to a financial product (including a decision about whether to acquire or continue to hold).