Some Australians will spend more time in retirement than in the work force. You’ll need money to fund your retirement – and a fair bit of it. The good news is that there are actions you can take while you are working, as you are easing into your retirement and when you are fully retired that may assist you to reach your retirement savings goals and help make your money last you through retirement.

Transitioning into retirement

You no longer have to retire on the day you turn 65. The day you stop working is now in your hands. By using a Transition To Retirement strategy you can take control of your retirement date, prolong your retirement or use it to turn a redundancy into a time of opportunity.

Managing your retirement

Reaching your retirement is a significant milestone, and it’s important you live the life you want to. There are still many ways to make the most of this stage of your life and you might have a few questions.

• Where should I invest my money?Should you leave it in super or start an income stream? Take the annuity or pension? How good are Retirement savings accounts?

• Make your money last Do you have the right asset mix? And have you structured your finances to maximise government benefits? And what’s the best way to manage your debt?

• Do I pay tax in retirement? It depends on how the money went into your super, how you take money out and how old you are. We look at ways to minimise the tax impact.

• How much can I withdraw from super? What are the minimums and maximums you need to be aware of.

• Preparing for residential careLooking for aged care can be difficult and there’s lots to consider. Being aware means being prepared.

• Estate planningGood estate planning isn’t just about making a will. It’s a good way to take stock of your finances. Read more

For retirement planning advice in South Perth contact Fortis Wealth Management on PH: 0437 782 836.

Wealth protection is all about reducing the risks associated with wealth accumulation and the protection of what you have already acquired. You may be thinking ‘who needs life insurance?’ Simply, if you have a family who is financially dependent on you and/or have debts that are serviced from your income alone, you should consider the peace of mind life insurance may bring. Obviously, the greater your financial obligations and the more dependants you have, the more insurance you may need to protect your assets and your family’s financial security. Life is full of uncertainty and often the unexpected can occur. The death, injury or illness of a loved one can place an enormous strain on a family both emotionally and financially. Have you considered how your family would cope financially, if something were to happen? Having a financial safety net in the event of sickness, disability or death can help ensure you and your family are protected during a difficult time.

Total and permanent disablement (TPD)

TPD cover provides a lump sum if you become unable to work due to a permanent disability. This cover can help you pay for medical expenses, repay major debts and help provide for your future.

Trauma cover

Trauma cover provides a lump sum if you’re diagnosed with a medical condition or undergo a procedure outlined in your policy. This may include a heart attack, major organ transplant, cancer or stroke — to name a few. Trauma cover is designed to help cover your medical costs and living expenses, providing you with some financial security during the important recovery period.

Death cover

Death cover may be important for people of all ages, especially if you have others relying on you and large debts such as a mortgage. Death cover provides a lump sum to your beneficiaries if you die. This can be used to help meet the costs of your mortgage, other debts and/or cover your family’s future expenses. Many policies make an advance payment of the insured sum if you are diagnosed with a terminal illness. With Death, Total Permanent Disablement and Trauma cover you can:

• Find comfort in knowing your family will receive a lump sum payment to help them financially if you were to die or become terminally ill.
• Receive financial support if you become seriously disabled, maintain your quality of life and help meet the cost of rehabilitation programs and daily living expenses with TPD insurance.
• Take the financial pressure off and give yourself time to recover, should you experience one of the traumatic events listed in our trauma cover, including cancer, stroke, heart attack and coronary artery surgery. Children’s trauma cover can also be selected.

Income Protection Insurance

You insure your car, the family home and even your health – so why not your ability to earn an income. Have you ever thought about what would happen if you became ill or were injured and couldn’t work for an extended period of time? Would you be able to meet your financial commitments without your regular income? If not, it’s time you considered income protection. When you think about what life would be like without your regular income, your earning capacity becomes possibly your greatest asset. Chances are, you’ve based the achievement of your goals and ambitions on having a regular cash flow. If you became ill and were unable to work and maintain that cash flow, your goals may no longer be achievable.

Business Overheads Insurance

What would happen to your business if you were too ill or injured to work? Business Overheads Insurance helps you meet your ongoing business expenses by reimbursing eligible business overheads as a monthly amount if you are too ill or injured to work.

Protect your business expenses

Recover with peace of mind knowing that, if you are unable to work due to injury or illness, your business overheads insurance will reimburse your business expenses such as:

• Rent
• Property Rates
• Vehicle leases
• Salaries

Fortis Wealth Management provides wealth protection advice in South Perth. Contact us on PH: 0437 782 836.