There are often some misconceptions when it comes to financial planning – isn't it just something that the young or the elderly should be considering?
After all, young people have enough time to make a difference to their financial futures, while older generations are forced to consider their personal wealth out of necessity.
The fact is that putting together a financial plan is a positive move for all ages, as it can help eliminate anxiety as retirement approaches and give enough time to put money aside for a comfortable future.
Difficulties facing the generations
The truth is that it is never too early to start putting together a financial plan – the sooner you start, the sooner you can start reaping the benefits.
Although planning retirement at a young age can seem a little too keen at times, having a sound strategy in place can ease all sorts of worries later on.
The same can be said for older individuals – having the mentality that it is too late to start saving for retirement will only exasperate financial worries further down the line.
It is often the so-called sandwich generation who are most at risk if they don't establish a financial plan.
These are individuals who have older children who are still financially dependent on them, as well as elderly relatives who they care for.
Although cash flow may seem strained at times, speaking to a financial planning advisor is the best way to see how you can maximise what money you do have to ensure your needs are met in the future.
Even if you have not considered financial planning in the past, it is important to be optimistic about what your chances of success really are.
No matter what stage of life you are at, there is a real opportunity for you to be able to boost your savings and enter into retirement in a comfortable position.
A financial planning advisor will be able to offer guidance on how best to proceed – by working together, you should come away with a plan that you are happy with and will be able to meet.
One important consideration is that it will not always be easy to reach your financial goals – sometimes it may be more difficult than others to set money aside for your future.
The trick is to remain positive and think of the long-term gains of meeting these targets.
ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.