Page 4 - Wealth-Adviser-Issue-113 (FWP)

ISSUE 113
JUNE 2025

will and considering powers of attorney for financial and Conclusion: Securing Wealth, Wisdom, and
medical decisions. Wellbeing
The Australian Securities and Investments Commission End-of-year superannuation planning is a multifaceted
(ASIC) provides guidance on insurance and estate planning process that goes beyond simple compliance or tax savings.
within super, helping individuals make informed decisions It is an opportunity to reflect on your financial goals, assess
about their protection and legacy (ASIC, 2023). your current position, and make informed decisions that
will shape your future. By integrating practical strategies
Building Financial Resilience: Practical Steps with broader themes of wisdom, resilience, and wellbeing,
While the technical aspects of superannuation are you can create a financial plan that is both robust and
important, the true value of EOFY planning lies in the peace meaningful.
of mind and resilience it fosters. As the Morningstar and IOOF checklists demonstrate, the
Financial Goal Setting: The IOOF checklist encourages end of the financial year is not just a deadline—it is a chance
readers to “set clear goals and review your budget,” which to take control of your financial future and invest in your
can help you stay on track for a secure retirement. This pro- own wellbeing. Whether you are maximising contributions,
cess involves not only reviewing your superannuation but optimising tax efficiency, or reviewing your insurance and
also considering your broader financial situation, including estate planning, every step you take brings you closer to a
emergency funds and debt management. future that is secure, resilient, and rich in purpose.
Emergency Funds: Having an emergency fund outside
of superannuation is essential for weathering unexpected
expenses or income disruptions. The IOOF checklist encour- References
ages reviewing your budget and building an emergency fund 1. Morningstar. (2025). The Ultimate EOFY Superannuation Checklist
as part of your overall financial strategy. 2025. Available at: https://www.morningstar.com.au/retirement/
Debt Management: Reducing high-interest debt, such as ultimate-eofy-superannuation-checklist-2025
credit cards or personal loans, can free up more money for 2. IOOF. (2025). End of Financial Year 2025 Checklist. Available at:
super contributions and other investments. Prioritising debt https://www.ioof.com.au/news-and-insights/talkingsuper/End-of-
repayment is a key step in building financial resilience. financial-year-2025-checklist
Regular Financial Reviews: The Morningstar article high- 3. Australian Taxation Office (ATO). (2023). Super contributions
lights the importance of regular reviews of your financial – caps and rules. Available at: https://www.ato.gov.au/individuals/
strategies. This includes not only your superannuation but super/super-contributions/super-contributions-caps-and-limits
also your investments, insurance, and estate planning. 4. Australian Taxation Office (ATO). (2024). Superannuation
changes and updates. Available at: https://www.ato.gov.au/
Philosophical Insights: The Value of Planning individuals/super/changes-and-updates
Planning for the future is an act of wisdom. It is about 5. Australian Securities and Investments Commission (ASIC).
recognising that life is unpredictable and that taking pro- (2023). Superannuation and insurance. Available at: https://www.
active steps now can help you weather future storms. By moneysmart.gov.au/superannuation-and-retirement/super-and-
building a robust financial foundation, you are investing insurance
in your own wellbeing and the wellbeing of those you care 6. Australian Prudential Regulation Authority (APRA). (2023).
about. Superannuation statistics. Available at: https://www.apra.gov.au/
Resilience in Times of Crisis: The COVID-19 pandemic superannuation-statistics
and other global events have highlighted the importance of 7. Productivity Commission. (2018). Superannuation: Assessing
financial resilience. Those who had built emergency funds, Efficiency and Competitiveness. Available at: https://www.pc.gov.au/
diversified their investments, and maintained adequate inquiries/completed/superannuation/report
insurance were better equipped to handle the challenges 8. Grattan Institute. (2021). Superannuation tax breaks are too big and
that arose. growing. Available at: https://grattan.edu.au/report/super-tax-big/
Wellbeing and Peace of Mind: Ultimately, the goal of 9. Financial Planning Association of Australia (FPA). (2023).
financial planning is not just to accumulate wealth, but to Financial wellbeing and resilience. Available at: https://fpa.com.au/
achieve peace of mind and a sense of security. Knowing advice/financial-wellbeing/
that you have taken steps to protect your future can reduce 10. Australian Institute of Superannuation Trustees (AIST). (2023).
stress and allow you to focus on what matters most in life. Superannuation and retirement income. Available at: https://www.aist.asn.au/

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