Financial Insights & Updates - April 2024
Welcome to the April issue of Financial Insights and Updates of 2024.
Our video this month 'Cleaning up after Storms' provides tips on what to do in the aftermath of severe storms, covering 1. Your safety, 2. Contacting your insurer, 3. Cleaning up. Our header article 'The impact of natural disasters on property values and insurance' then looks at how natural disasters such as storms, cyclones, flooding and bushfires can have a number of flow-on effects for those not directly affected that are of particular importance to homeowners and first home buyers.
Other interesting articles this month include ‘How to shift into pension mode’ which looks at when and how you can access your super to start an account-based pension and ‘The fast way to a life supported by passive income’ which provides food for thought on how you can start considering strategies to generate sufficient income to meet your expenses without any effort on your part.
With ANZAC day tomorrow, we remember and honour the service and sacrifice of those who have served our nation.
As always, feel free to forward any articles to friends and/or family that you feel may benefit from the information.
In signing off, please remember that we are always available to answer any questions or queries you may have and to come speak with us before making any major investment decisions.
Warm regards,
The Team at Nixon Financial Services Pty Ltd
Warm regards,
The Team at Nixon Financial Services Pty Ltd
Cleaning up after Storms
The impact of natural disasters on property values and insurance
Australia's vast expanses and varied climates make us prone to natural disasters.
In recent years alone, we’ve experienced the devastating impacts of bushfires in the southern parts of the country, flooding along the Eastern Coast, as well as significant storm events and cyclones.
How to shift into pension mode
| If our working years can be regarded as the time when we aim to build up our superannuation savings, our retirement years can equally be regarded as the time when we aim to spend them. |
How many assets can you have and still be eligible for the Age Pension?
| There are two basic hurdles you have to pass before you become eligible for the Age Pension – the income test and the assets test. We will just be talking about the assets test here, because that’s our subject, but if you want to learn about the income test please contact us. |
The fast way to a life supported by passive income
| Imagine that, without any effort on your part, enough money regularly pours into your bank account to meet (or exceed) all your living expenses. Suddenly, work becomes optional and a world of opportunities opens up. That’s the ultimate in passive income – all your financial needs met without lifting a finger. |
Charting a course to financial recovery
Australian Bureau of Statistics, (ABS) figures indicate that between 2017-2018 and 2019-2020 total average household debt rose from $190,000 to $204,000.
That’s an increase of over 7% in two years!
The reasons why would make for an interesting study, however a more pressing question might be what can we do about it?
Three things to consider when switching your super
Understanding how your super works and ensuring you get the most from your fund are essential to achieve the retirement lifestyle you envision.
Three things to consider when switching your super.