Over the years at William Buck, we have become increasingly aware of client’s anxieties regarding how “on track” or otherwise their asset building towards retirement needs to be. This can be as simple as their rate of debt repayment, however we usually assist in applying tax and asset protection strategies to speed up the rate of asset building.

While there needs to be a number of assumptions built into projections that calculate where your finances are heading, they are a necessary part of your planning and ongoing review.

It is true that leading up to fellowship you are predominately investing in yourself. The financial issue to grapple with is that all of your “personal assets” will reduce over time as we age towards retirement. The solution to this is to build your other financial assets over time (or to repay financial liabilities) and the uncertainty surrounds how quickly this change is needed.

The easy solution is to wait until your pre-retirement years and quickly build your nest egg then. We have found however that by this stage it can often be too late and retirees are forced to live on much less than they are used to.

It is evident that the earlier you start to give consideration to your finances, the better the long term rewards will be and the greater financial security and peace of mind it will provide. These rewards include helping you buy your first (or second) home, paying for school fees, planning family holidays and ultimately funding your retirement.

At William Buck, our integrated service offering of Business Advisory, Wealth Advisory and Tax Advisory is able to design strategies that will assist clients in achieving these goals. Some of the common strategies we will explore are providing advice on personal budgeting, managing debt, building investment portfolios, growing superannuation and protecting yourself through adequate risk insurance.

We have developed a brochure for our clients that discusses the Wealth Accumulation stages over different ages over your working and post-working life. This in turn provides recommended benchmarks at each life stage to ensure our clients are on the right pathway to securing their financial future.

For example, we suggest a client from the ages of 35-45 have at least 50% equity in their home, three times salary in super and debt no more than three times combined salary. We then provide strategies to help our clients aspire towards those benchmarks, while maintaining the lifestyle they enjoy.

In conclusion, while growing your “personal assets” is extremely important and should lead to a growing income base, it is equally important to grow your financial assets at the same time to help achieve financial security and peace of mind.

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