MAXIMISE YOUR MONEY
5-DAY CHALLENGE
SORTED MONEY MONTH
1 – 31 AUGUST 2023
Maximise your money in your 50s and 60s: 21 – 25 August
Day 3: Maximise your healthcare planning
In your pre-retirement years, it’s crucial to evaluate and manage potential risks to protect your financial well-being. Healthcare expenses can significantly impact your retirement savings, and unexpected medical events can lead to financial vulnerabilities.
Challenge yourself to be prepared for your retirement with this top tip from expert financial adviser Michelle Cook:
Maximise your healthcare planning
Seek professional financial advice to help you navigate the complexities of healthcare planning in retirement, ensuring you have the right protection and peace of mind during your non-working years.
A financial adviser can assess your unique circumstances, evaluate healthcare costs, and explore insurance options tailored to your needs. They will work with you to develop a strategy that manages potential medical expenses, safeguarding your hard-earned retirement savings.
Managing risks in the pre-retirement years
Take time now to review your insurance policies, including life and trauma insurance:
Life Insurance: Assessing your life insurance needs is vital to ensure your loved ones are financially secure if something were to happen to you. A financial advisor can help determine the appropriate cover, considering your family’s financial obligations, outstanding debts, and future expenses.
Disability and Trauma Insurance: Preparing for the unexpected can bring peace of mind, and with disability or trauma insurance, you will be paid a lump sum if you become critically ill or injured. A financial advisor can help you select a policy that complements your specific circumstances, ensuring you have adequate income replacement if the need arises.
By evaluating and managing risks through comprehensive insurance policies, including health, life and disability and/or trauma insurance, you can protect your financial well-being and enjoy a more secure and fulfilling retirement journey.
Top tips contributed by:
Michelle Cook | Financial Adviser
GradDip Professional Financial Planning
Ph 027 270 4490 michelle.cook@sharenz.com
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