Wealth Creation

The most important step to financial freedom is to have a Financial Plan! Many people leave this until it's too late in life. Not having a plan equals less choice in your later years, causing much stress and anxiety in your family relationships that could be well avoided if only you had a good financial plan in place. How to start ...

STEP 1: Clear all your non-mortgage debts

Put a budget in place and live within your means ...

Check out the budget planner on www.moneysmart.gov.au

STEP 2: Build up your savings

Once your non-mortgage debt is under control, start a disciplined saving habit, here are some options you may want to research:

• Investing regularly in a high-interest savings account
• Salary sacrifice to super

STEP 3: Speak to a Qualified Financial Planner

Markets are global and changing all the time. It is difficult for an unqualified person to understand the benefits of tax-effective savings and super contributions, never mind how to invest in managed or listed funds. This is where a qualified Financial Planner will help you personalise a plan that will see you transition from now into your retirement.

The information contained on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial product.

No matter what your goals are, now is the time to get started on the path to where you want to be. To get in touch today: email at nichollswealth@outlook.com or call on (07) 4151 2710

Aged Care

As Australia's population continues to age, the proportion of people over 65 is rising. Many elderly people aim to remain independent and live in their own homes. But in some cases this isn't possible.

Fortunately, there are many options. Sometimes staying at home with regular support is possible and sometimes full-time in-home care is required. You may find that eventually you're faced with the difficult decision of helping your parents move to another residence where their wellbeing can be better supported.

Working with Nicholls Wealth Solutions will ensure you're aware of the options available to your parents that their needs are met and they do not unintentionally forego any financial entitlements.

Your Nicholls Wealth Solutions adviser will look at the structure of your parents' assets to maximise Centrelink aged-care and health-care benefits to help their savings and support them to stay at home.

The impact of capital gains tax as a result of the sale of any assets may also be reduced or avoided altogether.

Nicholls Wealth Solutions can be there with you from the start to assist you with every aspect of exploring and managing your parents' options and needs. For example, by:

• Connecting you with care assessment teams and home support services
• Participating at family meetings to help ease the stress of challenging conversations during difficult times for your family
• Working with your accountant and lawyer to ensure the needs of your parents are well supported.

No matter what your goals are, now is the time to get started on the path to where you want to be. To get in touch today: email at nichollswealth@outlook.com or call on (07) 4151 2710

Personal Insurance

Whilst most people would never consider driving a car without motor insurance, less than a third of us insure our most important asset – our ability to earn an income. At Nicholls Wealth Solutions, we believe that one of the most critical components of any comprehensive financial strategy is protecting your personal and financial wellbeing from unforeseen illness, injury, permanent incapacity, traumatic illness or death.

Our experienced team of Financial Advisers will assist you to structure a risk management strategy to determine the most appropriate insurance solutions specific to your individual circumstances.

Our specialist range of insurances solutions include:

• Term Life (or Death) – pays a lump sum benefit if the insured dies during the term of insurance. We will ensure your life cover is structured so that premiums are paid from ‘gross’ rather than ‘net’ of income therefore keeping the cost of this cover to a minimum.
• Total and Permanent Disability – is a pre-agreed lump-sum amount if you suffer a long term illness or injury making you totally and permanently unable to work. We will ensure your life cover is structured so that premiums are paid from ‘gross’ rather than ‘net’ of income therefore keeping the cost of this cover to a minimum.
• Trauma (also known as Critical Illness) – pays a lump sum if you suffer from one of the specified health traumas in the insurance policy.
• Income Protection - is a monthly benefit that pays you up to 75% of your income and covers you if you are unable to work for a medical reason. It is paid until you return to work and if necessary until you are 65 (depending on your occupation).

At Nicholls Wealth Solutions, we highly recommend that all our clients obtain protection for themselves, in the same way, we readily protect and insure our homes and cars, as we have observed the invaluable advantages a responsive and comprehensive insurance strategy can have in difficult and painful times.

More than one in five working-age parents will die, become seriously injured, or ill enough to prevent them from working.
*Lifewise/National Centre for Social and Economic Modelling, 2010

No matter what your goals are, now is the time to get started on the path to where you want to be. To get in touch today: email at nichollswealth@outlook.com or call on (07) 4151 2710

Superannuation

Superannuation is principally a tax-effective mechanism of saving for your retirement. For many of us, it may be the largest asset we own, apart from our homes.

With numerous contribution options, Superannuation can become a complex and overwhelming area. At Nicholls Wealth Solutions, we endeavour to create an optimal strategy to make the most of the tax concessions, financial incentives and rebates available to help you build a nest egg which achieves your desired lifestyle in retirement.

We can assist you with comprehensive and tailored advice on:

• Employer Super Guarantee Contributions
• Concessional Contributions
• Salary Sacrificing
• Spouse Contributions
• Co contributions
• Consolidating Super
• Self-employed Deductible Contributions
• Self-employed or Not Working After Tax (non-deductible) Contributions
• Beware of the caps

Be it consolidating your superannuation accounts, boosting your contributions, understanding the superannuation contributions limits for the financial year or developing a plan to prepare you for your eventual retirement, our advisers can help you.

No matter what your goals are, now is the time to get started on the path to where you want to be. To get in touch today: email at nichollswealth@outlook.com or call on (07) 4151 2710

Retirement Planning

A financial plan will help you clarify your financial goals and aspirations, whilst taking into account potential milestones along the way, such as children, education, lifestyle and retirement.

We take the time to gain a full understanding of your current situation and determine your short, medium and long-term financial and lifestyle goals. Next, we assess the challenges that might slow things down and your attitude to risk.

Finally, we map out a detailed plan from first steps through to long-term strategies to achieve your objectives and work with you to optimise and manage your plan.

Nicholls Wealth Solutions can assist you with:

• Confirm your goals and aspirations
• Assess your individual risk profile
• Develop an effective financial plan
• Select suitable investments
• Regularly review your investment performance

No matter what your goals are, now is the time to get started on the path to where you want to be. To get in touch today: email at nichollswealth@outlook.com or call on (07) 4151 2710

Centrelink Assistance

Social Security assistance is provided by various Australian Government Departments including Centrelink and the Department of Veteran Affairs. At Nicholls Wealth Solutions, we understand that Centrelink plays an important role for individuals and families when it comes to planning.

Payments such as the Age Pension and Disability Support Pension provide long-term financial support whilst Newstart Allowance and Sickness Allowance provide assistance for a shorter period of time.

As well as the payment of benefits you may be entitled to access certain fringe benefits. For example, if you are of Age Pension age and/or are receiving the Age Pension you may be entitled to concession cards such as Pensioner Concession Card, Commonwealth Seniors Health Card or the State Seniors Card which offer concessions, benefits and discounts. The Department of Veteran’s Affairs also provides similar benefits.

Our Centrelink advisory services provide you with strategies and advice to ensure you:

• Maximise Centrelink benefits, such as the Aged Pension
• Gain entitlement for the Commonwealth Seniors Health Card
• Gain entitlement for the Low Income Health Care Card

No matter what your goals are, now is the time to get started on the path to where you want to be. To get in touch today: email at nichollswealth@outlook.com or call on (07) 4151 2710

Portfolio Reviews

Financial planning is a comprehensive, ongoing approach to managing all areas of your financial life.

As you plan for retirement, your focus is most likely on saving. But once you retire, your focus typically shifts from saving to generating income from your savings, planning for health care costs and making savings last.

An annual financial review gives you a chance to evaluate your financial position

Many changes can affect your investments during the course of a year. It's important to monitor your retirement and investment accounts regularly and make adjustments annually to stay on track.

• Your asset allocation could be off-balance. Over time, different assets may grow at different paces. For example, what started as a 50/50 allocation between growth and defensive assets may now be 45/55.
• You may be less diversified than you think. If the value of one of your assets grows substantially, it may make up a large portion of your portfolio, reducing your level of diversification and increasing your risk.
• Your needs have changed. Even if your portfolio has remained the same, your situation may have changed. Your income may have increased or decreased, your retirement plans may have changed, or your portfolio may need modification.
• You are subject to new rules. Changes in tax laws could affect your portfolio for better or worse. For example, superannuation contributions limits could shift or capital gains rates could rise or fall. Additionally, Centrelink thresholds could adjust.

No matter what your goals are, now is the time to get started on the path to where you want to be. To get in touch today: email at nichollswealth@outlook.com or call on (07) 4151 2710

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