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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Wealth - 3 min read
Picture this ... You own a home and have a mortgage. You have 2 young children that attend Primary School. You become ill and are unable to work for 6 months. How will you make the mortgage repayments?
Think about it this way. If you are unable to work for an extended period due to illness or injury, how will you meet your mortgage repayments and other bills and expenses? Without an income, you could run down your savings very quickly and face financial difficulty.
At this point of your life your priorities may revolve around getting ahead in your career, purchasing your first home, or looking after your young family.
Consider this: If you were on an annual salary of $55,000, and you spent the same amount of time in the workforce as the average Australian male (around 43 years), you have a lifetime earning capacity of over $4.7 million. Similarly, for women it would be a sizeable figure whether you take time out of the workforce to have children or not. Now isn’t that an amount worth protecting? Even if you're not in this particular situation, Income Protection is still relevant to you.
If you’re unable to work due to sickness or injury, Income Protection Insurance can provide a monthly benefit of up to 75% of your income. This cover can be funded by your super fund, or as a tax deductible expense held outside of super.
Even if you have Income Protection in place already, it is worth reviewing.
Picture this ...You own a home and have a mortgage. You have 2 young children that attend Primary School. You become ill and are unable to work for 6 months. How will you make the mortgage repayments?
Think about it this way. If you are unable to work for an extended period due to illness or injury, how will you meet your mortgage repayments and other bills and expenses? Without an income, you could run down your savings very quickly and face financial difficulty.
At this point of your life your priorities may revolve around getting ahead in your career, purchasing your first home, or looking after your young family.
Although what would happen to your lifestyle and your dependents if you couldn’t work because of illness or injury? How would you make ends meet?
Consider this: If you were on an annual salary of $55,000, and you spent the same amount of time in the workforce as the average Australian male (around 43 years*), you have a lifetime earning capacity of over $4.7 million†. Similarly, for women it would be a sizeable figure whether you take time out of the workforce to have children or not.
Now isn’t that an amount worth protecting?
If you’re unable to work due to sickness or injury, Income Protection Insurance can provide a monthly benefit of up to 75% of your income. This cover can be funded by your super fund, or as a tax deductible expense held outside of super.
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