AAM new financial you

Happy new year. There is nothing like the start of a new year for making resolutions. If you’re one of the many resolving to get your finances in order, here are five areas for you to consider.

1. Make sure you and your family are protected

If you suffered a major illness, or worse were to die, are you and your family adequately protected financially?

  • Do you know exactly what you are covered for through work?
  • What about your own policies?
  • Will Estate Taxes take up to 40% of the proceeds from your policies?

Many of us have insurance policies taken out when living in our home country which no longer cover us now that we live abroad. Have you reviewed your policies, be they within your Super or a standalone policy, to make sure you are still covered?

2. Invest regularly

Putting away a certain amount of money every month, is an extremely good way of disciplining yourself into saving as much as you should to ensure that you meet a short-term goal like planning a holiday or a long-term objective like retirement or paying for your child’s education.

While saving is a good habit, simply leaving it with a bank may not earn you a healthy rate of return to afford the kind of lifestyle you desire. Just like you pay your bills by giro, you can get into the habit of paying yourself too.

3. Review your investments

Check that your financial plans are working the way you think they are.

When it comes to our finances, it is easy to assume that the plans you have made are still working the way you intended them to. However financial plans need to be reviewed and cared for – your goals change, laws and taxes change and so plans need to change to cope.

4. Pension audit

Changing jobs, moving home, becoming an expat and forgetting to redirect your financial post are easy ways to lose track of the pensions you have. While there are many reasons why your pension has gone astray, what’s important is that it’s recovered.

It’s important to review the performance of your pension to make sure you are on track to have the retirement you are aiming for.

5. Seek professional help

Our AAM Advisory MAS authorised Wealth Managers have the technical knowledge and experience to ensure you are on track to meet your financial goals. Get in touch today to secure a better future for you and your loved ones.

 

Important information:
This article is intended for general circulation and for information purposes only. It may not be published, circulated, reproduced or distributed in whole or part to any other person without prior consent of AAM. This article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any products mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed wealth manager regarding the suitability of the investment product before making a commitment to purchase the investment product. Whilst we have taken all reasonable care to ensure that the information contained in this article is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this article is subject to change without notice. The above report may contain data obtained from third parties and as such we cannot guarantee the accuracy of this data. AAM Advisory Pte Ltd is licensed by the Monetary Authority of Singapore, FA Licence no 100032.

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    I am interested in
    Education fee planning,Family protection and insurances,Tax effective savings and investments,Pension audit / retirement planning,Property and mortgages,Wills and estate planning,General financial review

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