Our priorities and financial needs change as we change and what made sense at 25 is not going to be enough when you’re in your mid 40s, 50s or beyond. When considering what financial planning you need to have in place, it’s important to consider your financial planning by life stage.

Our financial planning advice varies according to where in life our clients are and their future goals. While we always target our strategy and approach to the individual, these are the key areas we’d look at for clients depending on their age and generation.

Baby Boomers

Now approaching retirement age, the "boomers" are those born in the decades following the end of World War II – between 1946 and 1962. This age range is so broad that we have some baby boomers that enjoy a busy lifestyle filled with travel, entertainment and other leisure activities, while some are still working and running their businesses with succession planning in mind. Others have been retired for as long as 10 years and now, rather than travelling, they like to devote more time to family and friends and staying closer to home.

For clients aged between 55-70 years of age, we typically look at the following areas:

  • Retirement and Pension advice and planning
  • Estate Planning including beneficiary updates and Wills
  • Succession Planning for their business
  • Wealth transition, perhaps by way of setting up trusts or education funding for their grandchildren.
  • Reviewing insurance contracts, restructuring benefit levels and ownership for taxation purposes.
Generation X

Gen X are those born roughly between 1963-1980. They were the first generation to have experience divorce on a large scale and are likely to have changed careers several times.

Nowadays, career development and raising a family are available to a much wider group of people with new technology in place for late in life mums and dad. Some are still focusing on upgrading career skills, improving earnings prospects, moving to a home or a larger home, and building a university fund for children.

Clients aged between 37-54 years of age generally come see us for the following services:

  • Reviewing insurance protection for the family’s breadwinners. Nowadays, we often have two family members working full time to afford childcare, homes and other blended family requirements.
  • Accelerating retirement savings and planning for the future as suddenly it all seems a bit closer than before. These are your peak earning years and it is during this phase that the financial needs of the family typically decline (depending upon when you started your family of course). Career prospects may level off and the emphasis shifts onto other goals, perhaps more travel and paying off the home loan or pumping a bit more into your superannuation.
  • Estate Planning, including beneficiary updates and wills, especially in blended family situations.
Generation Y

The generation born between 1981 and 1994. Members of Generation Y are often referred to as "echo boomers" because they are the children of parents born during the baby boom (the "baby boomers").

Our clients aged between 23-36 years of age are usually seeing us for the first time to understand and implement some of the following services:

  • Obtaining Personal Insurance protection for them personally if they are single or for a young family.  Setting this up at a young age can provide you with significant savings in future premiums.
  • Explaining superannuation and how this work. Although retirement is in the distant future at this stage, it is important to understand at the beginning of your working life, so that you are set up for future success.
  • Beneficiaries and Wills set up within superannuation and outside for protection of the family’s wealth in case of divorce or death of a family member.
  • Wealth creation – property purchase advice and guidance. Most are looking at buying their first home or a first investment property at this stage.
Generation Alpha

Yes, now we're onto the Greek alphabet! This generation begins with those born in 2010. It has been predicted that they will be the most formally educated generation in history, beginning school earlier and studying longer. These are our future clients and we’re excited to see what unique concerns and interests will come with this generation as they mature.

Whatever life stage you’re at, we can help you make sure you have the right financial planning in place.Call us anytime on (02) 8268 2900 for an obligation-free chat.