While we only provide advice on investments, KiwiSaver and UK Pension Transfers, if you have questions about other key aspects of your financial life, we can point you in the right direction. We know and work with experienced mortgage and insurance advisers who, just like us, are committed to clients’ best interests.
In the meantime, read on for some key steps to get the year off to a great start.
Reassess your financial goals
A lot has been happening in the economy and our lives of late, and your priorities may have changed. So, now can be a good time to reassess your financial needs and goals.
What’s important to you? What are you saving for? What would you like to protect your financial life from? Once you know what really matters, it becomes easier to plan for it.
Check your progress
Are you on track for your goals? When it comes to retirement planning, the key thing is to work out how much you may need, and find ways to bridge the potential gap.
Many people underestimate the cost of a comfortable retirement lifestyle, and as we outlined in a recent article, high inflation is pushing the cost up even further. While it’s too early to tell if the inflation rate will remain high for long, the risk is for it eroding the value of your savings. There are key steps you can take to manage inflation in your financial life and investment journey, like diversifying your portfolio and income streams: get in touch to learn more.
Create a budget (or review the one you have)
If you’re saving for a specific goal - be that a big-ticket item, a first-home deposit or your retirement - it’s always a good idea to give your budget a tune-up every now and then.
Think about last year: is there anything you spent money on that was not essential? Anything that you’d like to spend more on? By knowing where your money is going, you can adjust your spending accordingly. And this may free up money for longer-term goals, for example allowing you to contribute more to your retirement plan or pay extra on your mortgage.
Consider your insurance coverage
Do you have appropriate insurance for your most important assets - including your life, health and income? Once again, while we’re not insurance advisers, we know some experienced professionals in this space who can help you create a robust safety net for your financial life. Please don’t hesitate to contact us.
If you own a home, keep your mortgage structure top-of-mind
To manage inflation, the Reserve Bank of New Zealand has been increasing interest rates substantially since late 2021, pushing up mortgage rates.
If you own a home with a mortgage, you may want to contact your mortgage adviser to discuss the right course of action. They will give you an overview of what’s happening in the market, and work with you to review your mortgage structure, should you need to. This is also important if your fixed-term mortgage rate is due to expire soon, as the new rates will most likely be higher than your current one.
Do you have any questions for us?
Saving for retirement is a long-term endeavour. That’s why having a plan is so important, and as financial advisers, we’re here to help.
If you have any questions, click here to contact us or give us a call on 0800 UK 11 NZ. We’re investment and UK Pension transfers experts.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance. Past fund performance is no guarantee of future returns.