How to get more joy from retirement
After a lifetime of working, retirement is the time to enjoy yourself. How will you spend it?
Fact: Financial advice and planning is about helping people of all income levels achieve short-term and long-term financial goals. A financial expert will assess your personal situation and needs. They can pinpoint savings opportunities by reviewing your household budget, identify insurance needs, highlight any government entitlements and much more. Advice isn’t limited to investment strategies for the wealthy.
As a HESTA for Mercy member, you can speak to an adviser about your super at no extra cost. Advice about transitioning to retirement or setting up an income stream will cost $300 for singles and $500 for couples. If you need comprehensive financial advice, we can help with that too. Professional advice can make a real difference to your retirement, regardless of your account balance.
Fact: It’s true that some financial advisers receive an incentive (or commission) for recommending specific products to their clients. You can avoid this by seeking out a licenced adviser who works on a fee-for-service basis. This means the adviser agrees on any fees upfront with you, so there are no nasty surprises. We can refer you to one of our comprehensive advice partners who can help you with all your financial planning needs. Your first appointment with our advice partner is complimentary and obligation-free. If you decide to go ahead, your financial adviser will work with you to create a plan that’s tailored to your situation.
Fact: It’s important to be aware that the only people legally allowed to provide personal financial advice are those who work for — or represent — an organisation with an Australian financial services licence. Generally, accountants specialise in taxation rather than financial advice. However, some accountants do provide financial advice. In this case, it’s important to confirm they have the appropriate licence. That way, you can be more confident you’re receiving advice based on qualifications and experience, rather than opinion.
Fact: It’s never too early — or too late — to seek advice. Establishing good money habits early in life can help avoid financial stress and put you in a better position when you’re ready to stop working. For example, putting extra into super at a young age can significantly boost your super over time due to the effects of compound interest, which is interest earned on interest.
Fact: Making extra super contributions is just one way to meet your retirement savings goals. One of the benefits of being a HESTA for Mercy member is access to advice about your super at no extra cost. Regardless of your balance, our team is here to help you make more confident, informed decisions about your super. We can guide you through the investment strategies that suit you best, your insurance needs, and more.
Learn more about the cost of financial advice on moneysmart.vic.gov.au
After a lifetime of working, retirement is the time to enjoy yourself. How will you spend it?
HESTA for Mercy adviser Aman helped former nurse Govindamma claim an insurance payout which has made a huge financial difference to her retirement.
Expert help is part of your HESTA for Mercy membership, so you can make a time to talk to a team member and explore your options.