Important Information

This web page may contain general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

 

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AGED CARE

Many Australians over the age of 55 are retired or preparing for retirement, and therefore face significant and complex financial decisions that require them to consider issues such as superannuation, taxation, health care, social security, estate planning and long-term financial stability.

What many pre and post retirees haven’t thought about is the possibility of needing to move into an aged care facility and the costs involved. At Cox Financial we have a dedicated team that help make this transition into aged care as seamless as possible. Financing aged care is a very complex issue, different financial situations will require different and unique strategies. While every situation is different, there are common themes of aged care financial advice which Cox Financial is able to assist with. These themes include:

  • Strategies to fund accommodation payments
  • Financial modelling of multiple care options
  • Review and planning of tax implications
  • Maximising Government pensions
  • Minimising nursing home fees
  • Negotiating aged care facilities
  • Assistance with aged care

At Cox Financial we are committed to getting you in to the right facility at the right price with support available for budgeting and referral needs. Once we understand your cashflow position we can offer assistance with negotiations with financial institutions and creditors.

RETIREMENT PLANNING

Many of us haven’t considered life after work, and how much money we will need to fund our ideal retirement.

Cox Financial provide Retirement Planning advice to our valued clients, making retirement much more attractive and attainable. Our aim is to provide our clients with valuable advice to grow their retirement nest egg, helping you to fund a lifestyle you can really enjoy. Whether you are approaching retirement, or it is still some years away, seeking valuable, professional advice can help you structure your finances to save tax and maximise your future returns, allowing you to retire when you choose. Whether you have great travel plans, or you just want to relax in retirement we have the tools to work out how much income you might need in retirement and weigh that against your present financial position.

INVESTMENT

Understanding the value of financial security and how it relates to your financial values is your first step in attaining a comfortable lifestyle.

At Cox Financial we take our financial plans seriously; we want to provide you with direction and discipline to help you secure a comfortable lifestyle both now and for your future. Investing can be complex, there are many different options to choose how to invest your money, so it is important to seek professional advice. Many of our clients find it easy to identify their short- and medium-term goals of up to 5 years. Long-term goals of 5 years and beyond tend to be less precise. When making long-term plans the first step is to set out your financial goals, which means deciding what you want to achieve and by when. These long-term goals once established should be reviewed regularly in response to fluctuations in the markets, government legislation and your own personal situation. Cox Financial takes the time to get to know our clients individually, we look at your present financial situation, including your total assets and debts. We take into consideration things like your career plans – how long you plan to work for before retirement– so we can estimate your future income and savings potential. After discussing your goals and ascertaining your risk tolerance, we will suggest different strategies and investment options that will meet your needs both now, and in the future. For example, superannuation may suit clients wishing to minimise their long-term tax liability, whereas if you are seeking high growth over a long period and are comfortable taking on more risk, you might consider a geared investment. At Cox Financial we work with you to develop, implement and monitor your financial goals and savings potential.

SUPERANNUATION

Did you know there are limits to how much you can contribute to your superannuation in a year? It may not be your job to know, but it is ours.

While you are working it is important to regularly review your superannuation contributions to ensure you are saving enough to fund an enjoyable lifestyle once you enter retirement. The Australian government provides generous tax incentives to encourage us to invest into our superannuation. Understanding how to best take advantage of these incentives is where we come in. At Cox Financial we understand the value of living comfortably. Once we understand your situation, we develop recommendations that help maximise your retirement balance. For example; you might consider setting up a salary sacrifice arrangement with your employer; taking advantage of your pre-tax salary potentially reducing your income tax bill at the end of the financial year. By taking a step back from your current situation, and starting at the end and asking what sort of a lifestyle you want in retirement, we are able to provide you with advice on how much you need to contribute and how best to maximise your balance to get you ready to retire when you choose.

INSURANCE

When your home and contents or car insurance is due you don’t hesitate to pay, but have you made sure you have insured your most valuable asset?

Losing your earning power can be financially devastating. Without your regular income would you be able to pay for your everyday household expenses like groceries and power bills? Would you be able to maintain your mortgage repayments or school fees? Insuring yourself and your income in the event that you are unable to work means you can relax and focus on getting better. At Cox Financial our focus is structuring a total financial protection package for you, to protect against loss of income, disablement, serious illness and death. With many different options and levels of cover to choose from, personal risk cover can be complex. We can help you decide which cover is best tailored to suit you and what issues you need to consider. For example, which family members should you insure? Should you insure a non-working spouse? How and to whom should your benefits of any insurance payments be distributed?

ESTATE PLANNING

While you may be focused on the creation and preservation of your wealth, its our job to help you understand how important your Estate Plan is.

It would undoubtedly be a difficult time for your family and loved ones when you pass away. However, having an established Estate Plan which is reviewed regularly can ease the burden it will place on your family. By establishing an Estate Plan, you can ensure that your affairs are managed by someone you trust, your assets will be distributed according to your wishes, with any tax liabilities minimised. Cox Financial is uniquely positioned to help our clients with their Estate Planning needs. We are deeply embedded in our client’s financial situation, we have taken the time to get to know our client, both financially and personally. We understand our client’s goals, we meet with our clients on a regular basis and we have earned their trust. Whilst a solicitor will take care of the legal aspects of your will, it is our job to look at your total financial picture and provide answers to a broad range of issues such as funding and protecting your estate, avoiding challenges to your will, and minimising tax.

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