Scenario: Tom & Sarah, 48+, earn $500K, have $1.1M super & $900K mortgage.

What should a couple in their late 40s prioritise when they have a high income, significant superannuation, and a large mortgage? Let’s look at Tom and Sarah as an example. At 48, they have a combined income of $500,000, $1.1 million in superannuation, and a $900,000 mortgage. While a high income provides great opportunities to build wealth, managing a large debt balance at this stage of life can still create financial pressure. One priority may be reviewing their debt strategy and considering how they can reduce their mortgage while continuing to make progress towards their long-term goals. Superannuation may also play an important role in their strategy, especially with access potentially only around 15 years away. Depending on their goals, they may want to consider how they can maximise their superannuation contributions and take advantage of the tax benefits available within the superannuation environment. If early retirement is the goal, they may also need to build wealth outside of superannuation to provide income and flexibility before they can access their retirement savings. Ultimately, there is no one-size-fits-all approach. The right strategy will depend on what Tom and Sarah want their future to look like, whether that means reducing debt, retiring earlier, continuing to work, or creating greater financial flexibility. Understanding their goals is the first step to building a plan that supports the lifestyle they want for the rest of their lives. Always seek personalised financial advice based on your individual circumstances. General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Amy Lehmann is an Authorised Representative(No. 1292710) of AFSL 495401.