Life events that require Financial Advice

Six life events that require Financial Advice

As our life changes so do our financial planning needs.  I have created a list of some important life events that are commonplace and highlight some of the issues associated.

Pay rise:  Pay rises are obviously financially good news, they increase our capacity to save or repay debts and will allow us to achieve our goals sooner. Don’t let pay rises get sucked up into everyday spending without improving your lifestyle. A pay rise may also change your income protection requirements.

Getting Married:  Getting married changes everything! Weddings themselves are expensive and couples are treated differently to singles for taxation and social security. Combining expenses is likely to have some economies of scale, but you may also become financially reliant on each other and that may bring into play some insurance requirements. It goes without saying that your estate planning situation is also affected by getting married. 

Getting an Inheritance or other financial windfall:  What to do with a lump sum? Pay off debt? Invest?  Make a contribution to super? These are all valid options. There are so many considerations in this scenario and the correct advice with a lump sum can make an enormous difference.

Having a baby:  Having a baby significantly affects both income and expenses greatly altering the budget and associated plans. It is likely that one or both partners are likely to reduce work hours and this might open some opportunities to be considered as a low income earner for a short period of time and utilise associated benefits.  Both partners will definitely be financially reliant on each other once kids are involved and insurance needs are definitely more important.

Redundancy:  Redundancy payments are complicated. There are taxation issues, the possible requirement for this to replace income and all the possibilities around what to do with a lump sum. A redundancy is a situation where good financial advice can add significant value.

Retirement:  Retirement is the bread and butter of financial planners.  A large portion of our advice is about providing enough wealth to meet income needs in retirement. We aim to minimise or eliminate tax, maximise Centrelink payments and create efficient income streams for retirees.

We are all likely to be effected by one or more of these significant events in our lifetime.  Getting good financial advice during these times can help to secure a brighter financial future.






Author; Alex McKenzie Categories: Future Financial Services Blog

About the Author

Alex McKenzie

Alex McKenzie

Owner at Future Financial Services


  • Paraplanner at Zammit Partners Investments
  • Unit Trust Administrator at Colonial First State


  • University of Western Sydney
  • Penrith High


As a Financial Planner I help people to achieve what they would like in life. This involves helping you to identify the things in life they would like , developing plans to help achieve them and strategies to protect what you already have. We do this by providing Financial Advice to guide you through your life stages.

The financial planning process involves determining a clients current situation and financial objectives and tailoring strategies to assist in best achieving those objectives.

I am an expert in superannuation, investments and insurance, these are tools we use to help you achieve your goals.

I aim to use my knowledge of superannuation, taxation and Centrelink to efficiently use your assets and income to achieve your financial goals.

Retirement and pre-retirement planning, wealth creation, asset protection, insurance planning and estate planning are all areas of advice that I provide.

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