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Protect your retirement plans

Baby Boomers: Protect your retirement plans

Protect your retirement plansA serious illness or injury is a major setback at any stage, but it could be considered even worse when you’re approaching retirement or if you have already retired.

On top of these personal threats, many baby boomers may also be financially supporting their adult children or their parents. This means that if anyone in their immediate family suffered a serious illness, it could have a major impact upon their own retirement plans.

If you have grandchildren and something were to happen to one of their parents (your adult child), would you be in the financial position to be able to protect and care for your grandchildren? One of the ways to potentially protect your retirement plans and support your adult children, is to implement adequate insurance cover that aims to protect the family as a result of accidents, illnesses or an untimely death.

There are a range of different insurance options to consider, including life and total and permanent disablement cover. Life insurance can provide financial security for your adult child’s family in the event of their death, with a lump sum payment or instalments. This could help loved ones manage the mortgage and other debts, provide for your grandchildren’s education or cover living expenses.

Similarly, total and permanent disablement cover can provide a tax-free lump sum or instalments if your adult child was unable to work due to illness or injury. Further, income protection insurance could provide up to 75% of their regular annual pre-tax income as a monthly payment if they became unable to work due to illness, accident or injury.

Contact Ashley Tilston* on 02 9258 1295 or email ashley@spectrumwp.com.au to discuss developing a bespoke package of policies tailored to your specific needs and overall financial plan.

* Ashley Tilston is a financial adviser at Spectrum Wealth Partners Pty Ltd. All advisers are Authorised Representatives of Spectrum Wealth Partners Pty Ltd ABN 27 063 536 125 AFSL 478589.

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This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Spectrum Wealth Partners Pty Ltd strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.

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