Individual Planning
Retirement Planning
It’s never too early, or too late to begin planning for retirement. Retirement planning isn’t just for those in the later years of their working life. Whether you are 25 or 65 there are important retirement matters to consider that can influence your future retirement lifestyle.
Your journey to your retirement will involve setting and achieving many different financial goals along the way. Our Complete Advice Framework helps you to understand the important issues of financial planning, protecting your wealth and creating personal prosperity that will enable you to achieve your retirement goals and live your retirement life of choice.
Here we outline the SIX things you need to know, BEFORE you retire:
1
When will you retire?
Just because you reach an age that the government considers to be time for retirement, doesn’t mean you must give up work immediately. While you will need to feel financially confident that you have the means to fund your retirement, your retirement timing may be influenced by other entitlements such as annual leave, long service leave or tax efficiencies available if you continue working for longer.
3
How’s your health?
Are you fit and healthy and have you considered your family health history? Your good health, or not so good health, has important financial consequences. Being aware of your family health history, positive or negative, can provide insights for planning including medical needs and longevity of your retirement savings.
5
How much will you need in retirement?
A ‘comfortable retirement’ is different for everyone one. For some retirees it’s being able to afford the necessities of day to day utilities and grocery expenses without stress. For others, it’s a retirement lifestyle of choice that includes extra luxuries, eating out regularly and travelling overseas. Planning your finances is the key to living your retirement of choice.
2
What will you do when you retire?
Do you really want to stop working? Some do, many don’t. Even if you’ve longed for the day you retire, going to work provides routine, structure and purpose. Planning how you will fill your days in retirement is as important as knowing you’ll have the income to support your retirement endeavours. After the initial around-the-world holiday, what will you do then?
4
What will you do when you retire?
You may have elderly parents or relatives who are approaching the end of their life and who plan to leave an inheritance for you. Money bequeathed to you will of course affect your personal wealth and any expected monies will need to be considered as part of your future retirement plan.
6
What will you do when you retire?
As you age, you may require ongoing health care or access to Aged Care. Aged care facilities are expensive involving a significant upfront bond, then depending upon the level of care required.
How we help
We create business succession and retirement strategies (often in collaboration with your accountant). This may include recommendations for drawing regular income from the business, contributing to superannuation, restructuring business loans, through to taking advantage of opportunities that are available through SMSF such as investing in quality shares or purchasing property to build assets, generate income and grow your retirement savings balance.
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