The practice of ‘wealth creation’ encompasses more than just the process of making money or generating income.
It also includes wealth strategies to manage your expenses, maintain and increase your asset base, manage your financial liabilities, and manage your overall financial risk. For these reasons, it is even more important to seek the advice of a professional Financial Planner to assist you to find and follow the right path to maximise your wealth creation opportunities.
MyState Wealth Management’s experts provide personal financial planning services and tailored products to assist customers to create a secure financial future through effective wealth creation strategies. Our experienced Wealth Management team can provide you with professional, tailored advice on the four major areas of wealth creation:
- Superannuation
- Retirement Income
- Savings and financial investments
- Managed Investment Schemes
Superannuation
Superannuation is a long-term financial investment which is specifically to help you accumulate the savings for retirement. Super can be accumulated a number of ways including:
- Employer ‘super guarantee’ contributions of a minimum of 9% of your salary each year
- ‘Salary sacrifice’ payment which is a payment you choose to make from your pre-tax earnings
- Additional contributions from your after-tax salary; however you will need to make sure that these payments don’t exceed the annual contribution cap
To ensure that super savings are there when you need to access them in retirement, the Government has placed rules around when you can access your super. Generally you may need to wait until you retire to withdraw these funds or you reach preservation age.
Retirement Income
At retirement, one of the things you can do with your superannuation and other savings is to invest in a retirement income stream meaning you will receive an income (instead of a lump sum).
A retirement income stream is a retirement investment which allows you to obtain regular income and capital payments to help fund your personal retirement objectives.
Savings and Financial Investments
Term deposits and Cash Management accounts are financial investments that can form an important part of a well-balanced financial planning portfolio, providing security and short-term cash flow.
Managed Investment Schemes
Managed Investment Schemes allow investors to pool their money and access markets that would often be out of reach for individuals. The investment funds are run by professional financial investment managers who invest in a variety of asset types, which generally results in greater diversification as well as providing income, capital growth, or a combination of both.
Find out more
To find out more about our wealth creation services, contact us on 1300 651 600 or make an appointment with a MyState Wealth Management Financial Planner.
Read more about the benefits of financial planning.
Read about our financial planning process.
Read about our Financial Planning team.