It’s that time of the year! Spring is here and the weather is finally starting to get warmer and the sun is shining for longer (even if it doesn’t feel like it at times).
As much as we dread it we know it’s time we cleaned out our financial clutter and get a better idea of where we stand.
We originally posted this article in September 2017 and believe it’s worth revisiting 12 months on as the message is still important.
We’ve also added some further information to a couple of areas that may be of benefit to you, or someone you know. Please read the updated article below:
De-clutter: Why not take the time to put all those documents you really don’t need (most of them!) through the shredder or in the fire now and let yourself live with a bit less clutter.
Update: If you have lots of old documents and don’t know which ones are important please feel free to bring them to your next Muirfield Client Meeting and your adviser would be happy to let you know what should be kept and what can be shredded. We will even have the documents securely shredded for you.
Should you ever need to de-clutter your home (e.g. when selling or moving or just to free up some space) there is a local Geelong service that can help you with the process. A place of calm (https://www.aplaceofcalm.com.au/) might be just what you need to help you de-clutter.
Brush up on your Super/Pension: It’s important to get your investment strategy right with super. Reviewing your portfolio regularly and getting advice can make all the difference to your savings and income for retirement. You might want to take a look at your latest statement and check for a few things like:
- Your investment options – Do your investments still match your needs? Are your investments too aggressive or defensive for you?
- Your income stream – If you’re drawing from your Super, it might be a good time to check the level and suitability of the amounts you draw.
- Do you have nominated beneficiaries? Super is not covered by your Will so it’s important to ensure you have an appropriate beneficiary in case the unexpected occurs.
Optimise your Centrelink entitlements: Understanding the rules can provide peace of mind and the ability to optimise your entitlements, it can also allow you to structure your Assets and Income to potentially access more payments or concessions.
Review your Estate Documents: What we want and need for our legacies can change over time, so now is the perfect time to take a look at any estate plans you might have and ensure that your plans are up to date on both beneficiaries and executors. Power of Attorney arrangements are also important to consider.
Update: Muirfield work with a number of local Geelong, Bellarine and Surf Coast solicitors so if you are after a referral to someone you can trust, please contact your Muirfield adviser for a recommendation.