Is Your Focus on Paying Down Your Residential Mortgage?

I have encountered committed people who sought advice and, with the help of proper strategies, produced spectacular financial outcomes. I have also seen people who are in financial ruin and are being pursued by creditors, and when they try to seek advice, sometimes it’s too late.

One thing is a given. You may potentially experience financial difficulties in retirement if all of your attention is solely focused on paying down your average house mortgage.

Depending on your family structure and your borrowing capacity, you could be able to pay off your mortgage in as little as 10–15 years if you have a high family income. The average Australian will pay off their mortgage until they retire. Divorce, sickness, or accidents can prolong your mortgage repayments.?

If you’re 30 to 40 years old now, when you retire, the government may no longer be able to pay pensions due to not having enough taxpayers to cover the pension costs. This is why the government is raising the amount of the superannuation guarantee %, giving people a better chance to save money for their retirement.?

It may not be suitable for you to focus solely on paying off your mortgage if you want to have a comfortable retirement.

Review your super to ensure the product, investments, and growth match your needs. There are certain investments with significant potential for returns on which you pay zero tax( outside of superannuation).

If you have any questions or wish to have a discussion, please send us an email at [email protected] and my team can book you in for a quick chat via phone.