Retirement Planning

Having a plan for your retirement helps to provide the peace of mind and financial certainty that all of your retirement dreams and lifestyle expectations will be achievable.

Sorting out your Finances

It is important to start by sorting out your finances:

  • How much income do you require, how will that change in the future and where will this money come from.
  • You then need to determine what your assets (house, investments, savings and debts) are worth, how much superannuation you have and when you can gain access to it, and when you can apply for the Age Pension and when you will be eligible.

Establish a long-term financial plan

The next step is to make a long-term financial plan. As your needs are going to change throughout your retirement, it is important to understand what your priorities are and how these will be funded. In the early stages of retirement it is common to have a number of large expenses; such as going on a long overseas holiday, making renovations to your home, and buying a new car, but over time these larger expenses tend to reduce.

It’s not just about your finances!

The average retiree watches 49 hours of TV each week! It is important that you think about what you plan to do in retirement. You may wish to volunteer at your local sports club, take up a new hobby or study a new area that you couldn’t do or didn’t have the time to do whilst you were working. It is important to stay active and involved during your retirement.

Prepare for your Longevity

In 2016 there are four Australians that are over the age of 110, so it is especially important to remember that everyone is living longer and not make assumptions around our life expectancy. If your assets were going to run out before you turned 90, will other resources such as the equity in your home be available to provide for your later years? You may not want to downsize or sell your family home, so it is important to be aware of your longevity and that your financial plan addresses these issues.

Whether you’re about to retire or still a number of years away, professional financial advice can help you to plan ahead, establish your retirement expectations, utilise tax-effective strategies and ensure that your loved ones are taken care of via your estate.

We specialise in a number of areas in Retirement Planning:

  • Helping our clients to set their retirement expectations.
  • Superannuation, Pension & Annuity Recommendations.
  • Transition to Retirement Strategies.
  • Centrelink & Social Security entitlements.
  • Protecting your lifestyle and future income needs.
  • Estate Planning.
  • Funeral Bonds.

Questions for Retirement Planning:

  • How soon would you like to retire?
  • How much income would you require in retirement?
  • Are you thinking of working part time?
  • Do you plan on purchasing a new house, car, caravan or large holidays at retirement?
  • Would you like to leave any assets to your family? (Estate Planning)

Retirement Planning Links: