+64 4 471 0662 
Financial Time Line
Age 45 to 60
Typically you may be:
- Children left home
- double income with good level of surplus income
- you know you should be saving for retirement
- you have repaid your mortgage or it is relatively low
- you may be contemplating upgrading your house, or renovating
- you would like to have one or two rental properties
- you have surplus money for more discretionary spending such as holidays, a boat, new car etc
Your Advice Needs
- Review Your Insurance (Risk Management) Programme: As your income has probably increased do you have the right level of cover and the right insurances in place. A good review requires an experienced insurance broker to conduct a needs analysis. Insurance is something clients don't like paying, but we have not meet one client at claim time who says they had too much.
Consider what would happen if the main income earner in your family was unable to work because of sickness or injury.
If your children have left home you could consider dropping your level of life insurance cover.
Request a meeting with Alison Renfrew, she has 26 plus years in insuring clients. She can show how if you take level term insurance you could save $50,000 or more on the total premiums you would pay up to age 65. We use independent insurance research to select the top 4 companies and then discuss the options with you.
Click here to email or phone Alison now on 04 471 0662.
Insurances to take out are:
Trauma insurance
Income protection insurance
Medical insurance
Summary of Health and Life Insurance Needs
Suggested areas of our web site to investigate
Insurance needs calculator
- Retirement Savings: Its time to get really serious about retirement savings. Continue with your kiwi Saver contributions. We recommend 2-4% into Kiwi Saver (your employer has to contribute 2%) and save the additional amount you need to achieve your retirement income goals into more flexible medium to long term investments.
Why not put all your savings into Kiwi Saver? The money in your Kiwisaver fund is locked into age 65 and does not provide for flexibility if unexpected events come along and you need to access your savings. Also you can achieve better diversification and potentially greater returns by more tailor making your investment portfolio.
Suggested areas of our web site to investigate:
Goal savings calculator
Miracle of Compound Return Calculator
Retirement Calculator
Dollar cost averaging
Retirement Planning
Golden Rules of Investing
- Investment Risk/Return Profile: For long term savings when your time horizon is greater than 15 years your investment risk/return profile would ideally be 'growth', refer to investment risk/return calculator.
If your savings portfolio is above $100,000 then we recommend a more sophisticated investment management system using a wrap account that will give you access to wholesale fund managers, direct fixed interest and shares. This is a fees for advice approach and there are some direct tax advantages in how the portfolio is structured.
- Short Term Savings Goals: Such as an overseas trip then we recommend a simple bank account deposit or serious saver account.
Surplus money should go into reducing your mortgage. Use a combination of floating and fixed term mortgages. Shop around for the best rates. Loyalty appears only to go from you to the bank not vice versa.
- Business Owners: We recommend reading the following sections on our web site:
Forming a LAQC company
Directors liabilities
Business succession planning
Calculator to own or lease a vehicle
Useful resources for business owners
Employment law issues
Business Owners - Building Your Personal Wealth
Buy-Sell Agreements
- Estate Planning Issues: In addition to making sure that you have Wills you should consider the
impact of:
The Property Relationships Act
Family Trusts
Enduring Power of Attorney
Disclaimer:
Advice given on this page is of a general nature. You should discuss your personal and specific situation with an experienced Lyfords adviser. We accept no liability for the advice presented here, please refer to our disclaimer for the use of this web site.