What does "financial planning" mean?
We all plan things such as holidays, weekends, and get-togethers with family and friends. We keep an eye on our health by visiting our doctor and dentist. Yet how much planning and forward thinking do we provide for our finances on retirement? We work hard for our money and we should make sure that it works hard for us. Financial planning is all about getting the most out of our money. As a member of the Scheme, you have access to financial planners dedicated to help you plan for retirement. We help you look at how to get the best income, how to minimise tax and, when appropriate, how to maximise social security entitlements.
Four easy steps to planning a secure future in retirement:
Step 1: Assess
Step 2: Plan
Everyone is different and their family and circumstances
are different. This is why the first step of financial planning
is to actually meet with your planner and talk over your
situation. This process will involve collecting information
about you and your financial situation including
superannuation. This is an opportunity to discuss your
needs and objectives and develop an understanding of your
investment risk profile, the different investment options
available and the characteristics of the different asset
classes. During this meeting your financial planner
will also talk to you about your estate planning
arrangements, discuss investment strategies
and explain the benefits and possible
risks involved, to ensure that you understand them.||
If you are close to retirement, your planner may prepare a
financial plan specifically for you, based on the information
you have provided at the first meeting. This will show you how
to arrange your superannuation and any other
available funds, in order to provide the best possible
outcome to support your desired lifestyle in retirement.
Step 3: Implement
Step 4: Flexibility
After you receive your financial plan you will have plenty of
time to ask questions and go through it with your
planner. Changes can be made – it’s your plan.
Once you are comfortable with it and ready to
retire, your financial planner will then assist you to
complete all the necessary paperwork and make all the
Change is one of the certainties of life, so we will
maintain contact with you throughout your retirement. We
will ensure that your plan remains relevant and will make
any adjustments necessary so it
remains tailored just for you. Financial planning
is a partnership that continues, even when you have
retired. We will always be there to help.
How much does this cost?
As a member of Local Government Super, you have access to advisory services at no extra cost.
What do I do next?
Please call Member Services on 1300 LGSUPER (1300 547 873) and tell us if you want information about:
- Planning for retirement
- Preparing for a redundancy
- Wealth creation
- An Account-Based Pension (formerly Allocated Pension)
- Investment strategies
- Transtion to retirement (Accumulation scheme, Retirement Scheme)