Solutions

How do I re-evaluate my strategy?

There are a number of reasons you might want to re-evaluate your investment strategy.

My personal circumstances have changed

If you’ve changed jobs, consider starting a savings plan to save your pay rise. If you have the option of moving your super to another fund, you may want to shop around for the best alternatives.

If you’ve married or moved in with a partner, this will mean changes to your finances as well as the way that you live. Working towards your goals means establishing the goals you share and finding solutions to suit both of you.

If you have children or plan to have them, it will mean extra responsibilities and may require you to adjust your financial plans. Planning for children can also involve providing for costs that come later in life, like education. Large expenses like education can often be met by planning ahead.

If you are earning more now and have repaid most, if not all, of your mortgage, you may have new opportunities to invest.

If you have received a retrenchment payout, or any other payment from your employer, how to invest it can be a big decision. It will depend on the type of payout as well as your plans for the future. Will you need your investment to provide an income? Do you want to potentially reduce your tax liability by rolling it into super?

If you’re transitioning into retirement, you may be able to take a portion of your super as income after age 55, while you’re still working.

If you’ve retired, you’ll need to consider what you want to do with your superannuation, and how you’ll maximise your income from investments and pensions.

There have been changes in the financial market

It’s a good idea to keep up to date with changes in the financial market, as these can affect your strategy. We recommend you discuss these with your financial planner or accountant.

Read up on Money and market advice for suggestions on where to go for current market information.

Financial health check

Whatever your reasons for re-evaluating your strategy, the first step is to get a sense of your current financial position. Use our Financial health checklist tool to give you an idea of what your current financial position is. It’s then a good idea to see a financial planner to help you re-evaluate your strategy and identify options. If you have new opportunities to invest, our planners are available to discuss your needs with you and help put together a plan. You can schedule an obligation-free appointment with a Westpac Financial Planner ¹ now.