Financial advice in your 50s and 60s

Your 50s and 60s are usually a time to start focusing on your goals for the future, as you start to contemplate life after work.

How long do you plan to continue working? Do you want to downsize from the family home into something more manageable? Will you want/need to provide financial support to children or grandchildren?

With so many ‘ifs’, ‘buts’ and ‘maybes’, it can be difficult to plan for the future with any degree of certainty. That’s where professional advice can help.

What financial advice can do for you

A financial planner can help you clarify your goals for the next decade and beyond, so you know what you need to do to achieve them.

Some of the common ways a financial planner may be able to help include:

  • Downsizing the family home – helping you invest your surplus funds in a tax-effective way that will provide for future needs.
  • Managing a redundancy or career change – helping you invest a redundancy payout, or plan for the cash flow impact of a lower salary.
  • Supporting your children – ensuring you’ll have access to sufficient fund to support your children or grandchildren how and when you want to.
  • Boosting your super – using a transition to retirement strategy to help reduce your taxable income and grow your long-term savings.
  • Planning for life after work – setting you up with a tax-effective income stream that will fund a level of lifestyle you’re comfortable with.

Not all of these strategies will apply to everyone. But the benefit of seeing a financial planner is that you can get personal advice that’s tailored to you – so you can get more certainty about your plans for the future.

Articles on Financial Wellbeing

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Important Information

Important Information

This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.

IMB Financial Planners are Representatives of IMB Financial Planning Limited ABN 23 094 730 195 AFSL 234 660. IMB Financial Planning Limited is a wholly owned subsidiary of IMB Ltd trading as IMB Bank ABN 92 087 651 974. Australian Credit Licence/AFSL 237 391.