All good wealth accumulation strategies are underpinned with risk protection. The biggest asset most of us have in our working lives is our ability to earn an income, so protecting it for your benefit and your families just makes sense.
Recently a client of ours, Anand, came to us seeking an opinion on his existing insurance cover.
We detailed his cover to him and explained the strengths and weaknesses of it and to Anand’s surprise there were many variables we identified that were not in his favour.
A lot of people think that they are well protected because they have insurance through their super but not many people stop and think to understand whether their cover is sufficient, or let alone know how much they have!
No matter what your situation, age or income, a little bit of End of Financial Year planning can go a long way. It can help you:
- boost your retirement savings
- maximise your Government entitlements, and
- minimise your tax liabilities.
We've prepared a quick summary of strategies to consider before end of financial year.