One of the most common things we hear from clients is: "I feel like I should be doing more with my money, but I don't know where to start." The honest answer is that there's no single right answer for everyone, because where to focus depends heavily on where you are in life.
Whether you're juggling a young family in the Shire, approaching the milestone of paying off your mortgage, or starting to think seriously about retirement, the financial priorities look very different at each stage. Here's a practical guide to what matters most, and when.
Your 20s and Early 30s: Build the Foundation
The most powerful financial asset you have in your 20s isn't your income. It's time. The earlier you start building good financial habits, the more compound growth works in your favour across decades.
At this stage, the priorities are broadly:
Get your super sorted. Make sure your superannuation is consolidated into one fund, you've nominated a beneficiary, and you understand what it's invested in. Many Australians in their 20s are losing money to unnecessary fees across multiple accounts. According to the Australian Taxation Office, around $17.2 billion in super was held in duplicate accounts as of 2024.
Build an emergency buffer. Three to six months of living expenses held in an accessible savings account is the baseline most financial planners recommend. This is what sits between you and debt when life throws a curveball.
Start thinking about property (even if you can't buy yet). Understanding the market, saving consistently, and knowing what schemes exist (like the First Home Super Saver Scheme) means you're ready when the time is right.
Get life and income protection insurance. If you have a partner, dependants or a mortgage, income protection and life insurance aren't optional extras. They're the foundation of everything else.
The decisions you make in your 20s and 30s set the compound trajectory for everything that follows.
Your Mid-30s to Mid-40s: Grow and Protect
This is typically the busiest season of life. You may have young children, a mortgage, career demands, ageing parents, and a head full of competing financial priorities. It can feel overwhelming.
The key at this stage is to get strategic, not reactive. That means:
Reviewing your mortgage structure. Are you on the most competitive rate? Could you use an offset account more effectively? Even a 0.5% difference in your interest rate adds up to tens of thousands of dollars over the life of a loan.
Protecting what you've built. As your income and assets grow, so do the stakes if something goes wrong. Life insurance, trauma cover and income protection should be reviewed as your circumstances change, not just set and forgotten.
Considering investment property. For many families, an investment property is one of the most accessible ways to build long-term wealth alongside superannuation. With the tax landscape shifting (see our Federal Budget article), knowing whether to buy new or established, and in what structure, matters more than ever.
Boosting super contributions. Salary sacrifice contributions are one of the most tax-effective wealth-building tools available to working Australians. Even an extra $100 a fortnight into super, starting in your 30s, can make a significant difference to your retirement balance.
This is also typically the stage where people benefit most from a comprehensive financial plan. A good adviser doesn't just help you with one product. They look at your whole picture: income, debt, protection, super, property and your goals, and build a strategy that connects all the pieces.
Your Late 40s to Mid-50s: Accelerate Towards Your Goals
By this stage, you may have paid down a significant chunk of your mortgage. Your income is often at or near its peak. And retirement, while still a decade or more away, starts to feel more real.
This is the window to accelerate. Key priorities include:
Debt elimination. If you're carrying non-deductible debt (like a home loan), this is the decade to attack it aggressively. Every dollar of mortgage debt you clear is a guaranteed, risk-free return equal to your interest rate.
Maximising super contributions. From age 50, many Australians become eligible for higher concessional and non-concessional contribution caps. The Australian Taxation Office's carry-forward provisions also allow you to make up for earlier years where you contributed less. This is a significant opportunity.
Reviewing your investment structure. As your asset base grows, the question of how those assets are held (in your own name, through a company, a trust, or super) becomes increasingly important from a tax and estate planning perspective.
Considering a buyers agent for investment property. If you're purchasing investment property as part of your retirement strategy, a buyers agent who specialises in national investment-grade property can help you find assets based on data, not emotion.
Your LATE 50S AND 60s: Pre-Retirement Planning
The years immediately before retirement are often the most consequential from a financial planning perspective. The decisions made in this window, about when to access super, how to structure your income, and how to transition out of the workforce, can have lasting impacts on how well-funded your retirement is.
Key considerations include:
Transition to Retirement (TTR) strategies. From age 60, you may be able to access your super while still working, which can be used to boost contributions or reduce your working hours without sacrificing income. These strategies are complex and require personalised advice.
Reviewing your insurance. As you near retirement, your insurance needs change significantly. Life cover may become less important; however, health-related covers and aged care planning become more relevant.
Mapping out your retirement income. Super, the Age Pension, investment income and personal savings all interact differently. Understanding how they work together, and what order to draw them down, is a core part of pre-retirement planning.
Estate planning. Ensuring your will is current, your superannuation beneficiary nominations are binding and up to date, and that your wishes are clearly documented protects your family when it matters most.
The Common Thread: Advice at Every Stage Pays for Itself
Whether you're just starting out or preparing to stop working, the research is consistent: Australians who work with financial advisers are better prepared for retirement, carry less debt, and accumulate significantly more wealth over their lifetimes.
A 2022 report by Vanguard estimated that financial advisers add around 3% in net returns annually through behavioural coaching alone, keeping clients invested and focused during volatile markets when the instinct is to panic and sell.
The Sutherland Shire is home to a community of hardworking families at every stage of the journey above. Wherever you are in yours, a clear financial plan makes the next step easier, and we’d love to be part of that.
This article is general information only and does not constitute financial advice. Individual circumstances vary and you should seek personalised advice from a qualified financial adviser before making any financial decisions.