Building wealth provides strategies to help make the most of your finances. We can work with you to look at all aspects of your lifestyle, goals and your needs to develop strategies to optimise your earning potential.
If you want to build your wealth we have the tips and tools to help you. The sooner you start taking action on your finances, the sooner you’ll reach your lifestyle goals.
Check if Financial Advice Can Help You
Financial advice can help you clarify your goals and set a plan in place to help you achieve them.
At Wayne Cadman & Associates we are committed to getting to know you, your situation, goals and risk tolerance, in order to develop a structured plan to build your wealth.
Your wealth creation strategy could involve:
Setting clear short, medium and long term goals
Establishing an easy-to-follow budget
Directing surplus income to an investment portfolio or super account
Utilising tactics to minimise tax
Putting strategies in place to protect yourself and your family
Investment Planning Matched to Your Risk Profile
Choosing an appropriate investment strategy is not easy. This is especially true when you have limited knowledge of how to go about investing, or which investment types may suit your personal goals best.
At Wayne Cadman & Associates we can give you guidance on all kinds of investment products and options:
Investments Paying Interest
Borrowing to Invest
The support you will receive from Wayne Cadman & Associates will help you to manage your investments, by understanding your personal investment objectives, and with knowledge gained by research and years of experience, we can appropriately tailor your advice to match your goals and objectives.
Sort Out Your Super
For many people, super will be the main source of income in retirement, so it makes sense to have a pretty good idea of how much you’ve got and how its performing.
At Wayne Cadman & Associates we can help you consider whether your existing super fund suits you long term goals or if there are better alternatives, while taking into account:
How much you will need at retirement
Your investment options (whether they suit you)
How to best contribute to your super to achieve your retirement income goal
Fees and Charges
Protect Your Financial Future
Insuring your assets and income is crucial to protecting your wealth. Imagine what yours and or your family’s life would be like if you or your partner died or became seriously ill or injured and couldn't work. Being unable to work as a result of an accident or ill-health could expose your and or your family to financial difficulty and can also affect your retirement savings capacity.
We can help design a tailored insurance strategy based on your life stage and needs. We specialise in:
Total & Permanent Disablement Insurance
Income Protection Insurance
Business Expenses Insurance
Superannuation is a key way to fund your lifestyle after you stop working, so it is important to make sure you’ll have enough saved.
Contact us today to make an appointment with an Adviser to discuss building your wealth.
For many Australians, Superannuation will be the best and most tax efficient investment they make during their lifetime. Taking a few steps now to boost your super will make a huge difference to your lifestyle in the future.
Benefits of Super
Superannuation has been specifically designed by the Australian Government as its preferred way for you to save for your retirement.
There are many good reasons why you should grow your super as much as possible:
You might live to be 100 so your money needs to last as long as possible
The cost of living will increase
The age pension alone will not be enough for a comfortable lifestyle
The tax benefits
You might be eligible for bonus contributions from the government.
As it is intended as a retirement income stream, your super savings are preserved, meaning you cant access the money unless certain conditions of release are met (e.g. Retired from the work force). So before you throw all your money into super fund, you need to look at your finances as a whole.
Make Sure Your Super Fund is Right For You
When choosing if your current super fund is right for you or if your looking at consolidating multiple super funds, you need to consider what fund is right for you. Pick the right fund and you’ll be set for a long, happy and comfortable life when you retire. Choose the wrong fund and you could be in a world of pain.
There are a few things you need to know when choosing a super fund and we can help you, some of these things are:
Does your employer/s offer super choice
What to compare
What happens if I don't choose
The process of consolidating and or changing funds
Ways to Boost Your Super Balance
Most employees are with a super fund where their employer pays Superannuation Guarantee Contributions (SGC) with a percentage of their gross salary paid into their super account.
The current and future SGC rates are:
1 July 2014 - 30 June 2021
1 July 2021 - 30 June 2022
1 July 2022 - 30 June 2023
1 July 2023 - 30 June 2024
1 July 2024 - 30 June 2025
1 July 2025 and onwards
You can do your bit to grow your super while you’re still working with a number of tax effective strategies:
Personal Deductible Contributions
After Tax Contributions
Contact us today to make an appointment with an Adviser to discuss your superannuation.
Insurance provides the money you need when things go wrong. If you have insurance, the cost of medical expenses, home alterations, funeral expenses, general living and business operations can be softened.
If you have debt, dependants or are running a small to medium business, its important to consider how financially prepared you are for a life-changing, tragic events, such as an unexpected injury, illness or death of you or your partner.
Personal Risk Insurance
There are different types of cover that falls under the heading Personal Risk Insurance, Depending on your circumstances you may need one or more of the following:
Total and Permanent Disablement (TPD) Insurance
Income Protection Insurance
Children’s Trauma Cover
Business Risk Protection
Business Expenses or Business Overheads Insurance helps you meet you ongoing business expenses if you’re too ill or injured to work. This type of insurance is a financial back up plan for your business.
Business Expenses Insurance covers your fixed business costs, as a monthly reimbursement, so you can focus on your recovery, and not your bills.
Insurance Through Super
Most super funds offer personal risk insurance to their members. Super funds typically offer 3 types of insurance for members:
Total and Permanent Disablement Cover
Like other insurance policies, you will pay insurance premiums. If your insurance is through your super fund, the premiums are deducted from your super account balance.
There are benefits in getting your personal risk insurance through super:
Can be cheaper in premium costs
Can get the cover even if money is tight
Easy to manage
However there are some disadvantages in holding insurance through your super.
Financial protection insurance is often overlooked when developing a financial plan. There are a number of options available. The best choice for you will depend on your circumstances.
Contact us today to make an appointment with an Adviser to discuss your life, income and business.
Whether you are an experienced investor or a beginner, there are plenty of steps you can take to grow your money.
Your choice of investments should be guided by a strategic financial plan. A smart investor doesn't rely on good luck, instead they take the time to consider their investment goals. They then develop a plan and choose investments that align with their needs and objectives.
Types of Investments
By understanding your personal investment goals and objectives, timeframes and the level of risk you are prepared to take, we can help tailor am appropriate investment strategy for you.
Short-Term Investments (1-3 Years)
No risk of losing money
Very Low risk that the value of savings will drop
Medium-Term Investments (4-6 Years)
Low to Medium risk, possibility of losing money
Medium, capital value could go up or down
Long-Term Investments (7 or More Years)
High, with negative returns expected 4-5 years out of 20
High, capital value could go up or down
We all want to build future wealth for financial security and a more comfortable lifestyle. Investing can be complex, with an overwhelming amount of investment options to choose from. It is therefore important to seek out professional advice before committing to an investment plan.
This is where Wayne Cadman & Associates can help you use the right strategies to achieve your financial goals, while taking your personal circumstances and risk profile into account.
Contact us today to make an appointment with an Adviser to discuss your superannuation.
Preparing for a comfortable retirement is a common goal people strive to towards during their entire working life. Once reached, managing your retirement is an ongoing responsibility that carries on well into your late years.
While all of us would like a comfortable retirement, the complexity and time required to plan for this can make the process seem scary. At Wayne Cadman & Associates we can provide you with advice and support every step of the way. Below are the things you should start considering now, to achieve the retirement lifestyle you want later:
Take Control of Your Finances
The earlier you start planning for retirement, the more options you have to set a course that suits you. It is important to have a clear understanding of when you can afford to retire, by directing surplus cash flow now, reviewing how to pay off your mortgage and other debts sooner are all critical parts of the process.
Make a Long-Term Financial Plan
The next step is to look at how your needs might change over time.
The annual living costs for a ‘modest’ retirement are:
ASFA Retirement Standards
Annual Living Costs
Weekly Living Costs
These figures may vary for each individual or couple depending on the lifestyle wanted in retirement.
Transition to Retirement (TTR)
If your not quite ready to give up work when you reach your preservation age you can access your superannuation as an income stream and potentially reduce your overall tax position. A TTR income stream may allow you to reduce working hours as you approach your preferred retirement age, fund salary sacrifice contributions, save on tax and boost your super before you retire.
Date of Birth
1 July 1960 to 30 June 1961
1 July 1961 to 30 June 1962
1 July 1962 to 30 June 1963
1 July 1963 to 30 June 1964
From 1 July 1964
Individuals born before 1 July 1960 have already reached their preservation age.
Find Ways to Grow Your Retirement Income
Ask any retiree what they fear the most and chances are most will say “running out of money.” But there are ways to stretch your retirement income and things you can do to make your money last as long as possible.
Get advice as early as you can
Maximise your savings by considering the tax effective options superannuation provides
Diversify your investments
Manage your spending
Take advantage of your entitlements including superannuation benefit strategies and government concessions and benefits.
Keep on working as long as you can.
The earlier you begin to think about your retirement planning and actioning a financial plan, the likelihood you will enjoy the retirement you want.
Managing your finances and keeping up with the forever changing superannuation and taxation legislations can be hard work even if you have some financial knowledge. Wayne Cadman & Associates can help provide the advice and support you need each step of the way.
Contact us today to make an appointment with an Adviser to discuss your Retirement Planning.
There are a number of Centrelink and Government benefits available, particularly for older retired Australians.
Wayne Cadman & Associates can provide clients with full Centrelink calculations and strategic planning advice.
Its important to know that the Government maybe able to assist you with your finances in retirement. Every dollar you receive from the age pension or other Government benefits is a dollar that you cont need to provide from your own savings.
We can provide you with investment, superannuation and pension advice to allow you to maximise any Centrelink benefits available to you and your partner.
Contact us today to make an appointment with an Adviser to discuss your Centrelink entitlements.
Estate Planning is a specialised area that can involve many financial complexities. While no one intentionally leaves behind complications for their loved ones, countless families are confronted with an out-of-date will, while dealing with the loss of someone dear to them.
Important Things to Consider
Planning your estate may encompass the following considerations:
Drafting a will that works
Deciding the responsibilities of your executor
Choosing your Power of Attorney
Planning your successors
Deciding on an appropriate trust
Reducing tax liabilities
It’s estimated that nearly half of all Australian’s die without a will or appropriate Estate Plan, ensure this will not happen to you by contacting Wayne Cadman & Associates.
Whilst Wayne Cadman & Associates cant provide specific legal advice, we can work with you and your solicitor to ensure your assets will pass smoothly and tax-effectively to your loved ones.
Contact us today to make an appointment with an Adviser to discuss your Estate Planning.
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
Wayne Cadman & Associates Pty Ltd ABN 58 003 432 773 trading as Wayne Cadman & Associates is an authorised representative and credit representative of Charter Financial Planning Ltd ABN 35 002 976 294, Australian Financial Services License and Australian Credit License No. 234665