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Summary

Most people recognise the importance of regular health checks to manage their personal health and well-being. As with personal health checks, a regular financial health check is important to identify areas of your finances that are in good shape and areas that may need improvement. Please take a few minutes to complete the below financial health check to review how healthy your finances are.

Content

Most people recognise the importance of regular health checks to manage their personal health and well-being. As with personal health checks, a regular financial health check is important to identify areas of your finances that are in good shape and areas that may need improvement. Please take a few minutes to complete the below financial health check to review how healthy your finances are.
Building your wealth:
1. Do you have a clear understanding of your assets and liabilities?
2. Do you currently earn more than you spend and regularly save?
3. Have you reviewed your loans recently to ensure they are structured appropriately and you are paying a competitive interest rate?
4. Do you have an offset account or redraw facility attached to your home loan?
5. Are you currently using strategies to reduce your tax?
6. Do you understand the ways in which debt could be used to build wealth?
Protecting your family and lifestyle:
1. If you (or your spouse) were to pass away or suffer a disability, are you confident that you and your family would be able to sustain your current lifestyle?
2. Have you set aside emergency funds for a rainy day in case you (or your spouse) are made redundant?
3. If you were unable to work for three months (if not longer) due to a serious accident or illness, are you confident that you could meet your overall living expenses without a regular income?
Superannuation and pre-retirement:
1. Do you know the balance and location of your superannuation?
2. Do you know you can purchase cost  efficient insurance through your superannuation?
3. Do you know how your superannuation funds are invested? Does this align with your tolerance towards risk and return objectives?
4. Are you currently salary sacrificing into superannuation? Should you be?
5. Have you considered which option is better for you – to salary sacrifice into superannuation or repay additional funds off your mortgage?
6. Do you have a plan in place to transition into retirement smoothly?
7. Do you know how much you need to accumulate throughout your working life to support your lifestyle in retirement?
Post retirement and aged care:
1. Are you confident you’ll be able to continue to sustain your lifestyle in retirement?
2. Are you eligible for any Age Pension or Commonwealth benefits?
3. Is it timely to consider Aged Care options and funding for you or a loved one?
4. Do you have a valid Will and Enduring Power of Attorney in place?

Take some time to evaluate your answers to these questions, this is the first step to identifying your financial opportunities!

Author: Kelsea Pipe