Top Things to Consider When Doing Financial Planning in the Sunshine Coast

The sunshine coast is arguably one of Australia’s most beautiful regions, and attracts visitors from all over the country and the world. With a 60 km span, it presents very attractive options for people wishing to move to a more pleasant area of the island. But with all sought after areas to live, it can be costly, and getting a financial planner in the Sunshine Coast is a must for many people who don’t know what their future holds. It’s important to know just what might require financial security.

Financial Planning

Housing/Accommodation

The sunshine coast’s beauty makes it a more expensive area to relocate to. Many people packing their bags and moving to the area will find accommodation costs run noticeably higher than in other cities and regions. Those who sell their houses will often find a deficit between the value of their house and the cost of a new one in sunshine coast. Therefore it’s important to look at financial planning. Can you afford to buy, or will you need to rent whilst you save for a property?

Living Costs During Retirement

Many move to the sunshine coast once both spouses or partners have retired and accumulated a pension. However, what’s often not factored in is the higher cost of living in the area. Pensions and savings may not go as far as first envisaged, so financial planning is, for many, a smart move. Financial planners will be able to advise on low risk investments, and stocks or shares that forecast that little bit extra in the way of a return–not enough to necessarily make you rich, but enough to lessen the burden of increased costs in retirement.

Unexpected Costs

A vague term, but one with which we’re all too familiar. Picture the scene: a brand new house in the Sunshine Coast, with life looking good…then a storm ruins the roof. Unforeseen, and possibly not covered by insurance, where does the extra come from? Of course, unexpected costs really does cover all aspects of life, so it is important to be able to put away savings for unforeseen circumstances. It doesn’t have to be a high interest account either, but a ”restricted access” account means it can only be accessed in the neediest of situations.

Sources
6 Things to Consider When Creating Retirement Plans, www.financial-planning.com
10 Things to Consider When Planning Your Financial Future, www.nextavenue.org