Retirement Planning

Retirement Planning

Deciding when to retire is one of the biggest decisions you will make in your working life. It is also a very difficult decision as there is no “one size fits all” approach. It is a personal choice that depends on your lifestyle, your aspirations, your family and your debt.

Many people have unrealistic expectations about their retirement as they imagine they will spend their days on cruise ships or on the golf course. As appealing as that all sounds, being able to live out your retirement dreams will all depend on the amount of money you have saved for your retirement.

How much money is enough?

This is the most common question we get asked but unfortunately there is no direct answer to this. It all depends on you. Yes, the ASFA Retirement Standard does provide some loose guidelines on what you will need to live on, but only you know the kind of retirement you want.

When planning for retirement, ask yourself these questions:

  1. How do I imagine my retired life?
  2. How much debt do I have?
  3. How much do I want to leave to my family?
  4. Am I in good health?
  5. Will I have other sources of income during retirement?

How can we help?

Our advisors can help you if you are planning to retire soon, are still working but thinking about retirement, or are way off retirement but starting to plan ahead.

If you are retiring soon

If you are close to retirement and have enough money saved, we can help you with the transition by ensuring that the most tax effective strategies are considered.

If you want to keep working

If you are still saving for retirement or if you want to keep working, a pre-retirement pension is an option if you are over 55. You can also continue to contribute back into your super to maintain or even grow your super balance for when you retire permanently.

If you are way off retirement

If you have a long way to go until retirement, there are several strategies you can use to get your super working harder to ensure that you will meet your retirement goals. You may also need to consider whether your investment strategy in the lead up to retirement is too conservative or too aggressive.

Don’t do this alone

Our advisors have extensive experience in retirement planning and we’d be happy to help you find the most tax efficient and financially beneficial route to retirement. Call us today.