With the changing of the seasons comes the time to open the windows, wash all the linens and clear out the clutter. But it should also signify a time to take stock of your finances and administration of the items we would rather put off.
A few agenda items for your consideration should be…
Review your Will:
I am surprised at how many adults do not have a Will. Why risk your assets going to unintended beneficiaries upon your demise? If you do have a Will, have a look and make sure it still reflects your wishes. Remember that many changes of circumstances (marriage, divorce, having children) may require alternations to your Will, or may even make it invalid.
Consider Life Insurance:
It is my experience that people won’t back their car out of the driveway without car insurance, but often neglect to insure their greatest assets – their lives and their income. Cost is often the issue, but it is worth considering the consequences for you or your family if you are unable to work or worse still, you die. Life insurance and income protection insurance can be structured in a range of ways to reduce the impact on your hip pocket. If you already have life insurance, then take some time to review the amounts. As with your Will, changes in your circumstances may change your need for insurance.
Consider your Super:
I am not just talking about maximising your contributions (although this can make good sense). Many people may not be in a position to do this. How often have you read about poor super returns, or high super fees in recent years? Quite a bit perhaps. If you aren’t happy with the returns on your super, please understand that you are likely to have a range of options available to you. Don’t just worry if your super is going backwards, speak to someone about it.
See a Financial Planner:
Like insurance, seeking advice is often neglected due to the cost. Most Financial Planners offer a free initial consultation where they can outline how they can assist you. You may find the cost is worthwhile! Take advantage of these consultations and perhaps see a couple for a chat. Anytime is a good time to get advice! Don’t wait until 10 minutes before you retire, as early preparation could significantly improve your retirement finances.
Enjoy the sun that has come in, but remember to organise your life and finances to ensure a relaxing spring afternoon.