Everyday when you go to work, meet a friend, or go to the shops you create a plan.
It could be rudimentary or require managing a number of interconnecting bus routes or several different road routes depending upon the traffic conditions.
I know that we don’t like thinking about it but you will die some day so it is important to take some time to plan about what happens to your assets when that happens and to formalise this by making a Will.
Unfortunately people seem not to plan for certainties like retirement or death as it often seems that they occur some time in the distant future. So we tend to meander through our days in in an oblivious haze.
Remember the future for good or ill happens whether we want it to or not.
We insure our physical assets such as a car or house but think little about protecting our future income through superannuation and insurance.
In Australia superannuation is compulsory however most of us are only vaguely aware about how it operates even though it will provide a large portion of our retirement income. In fact currently your superannuation death benefit could be the largest asset that you have.
Currently employers are required to pay a proportion on top of an employee’s salaries and wages into a superannuation fund, however you can further supplement this amount through voluntary contributions to your superannuation. You can also direct your superannuation to a fund that invests in products and services that reflect your values.
Similarly if you were to get sick how would you pay the monthly bills? These are some of the things to ask yourself when planning for your future.Income Protection usually provides up to 75% of your gross income if you are unable to work due to illness or injury. Income protection premiums are usually tax deductible.Life insurance pays a designated beneficiary a sum of money upon the death of the insured person.
Protecting your salary through income protection insurance and taking out life insurance to provide for your family in the event of sickness or death are important things to discuss as when planning for your future. So stop meandering through your days in an oblivious haze and get planning.
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