The Plutus Financial Guide To Planning For Your Retirement
When planning your pathway to retirement, getting sound retirement financial advice is key to making a smooth transition. Taking the time to plan now will help achieve financial security, giving you a sense of clarity and certainty. The Plutus Financial team have put together a list of the things to consider when planning for your retirement.
When do you want to retire?
Most successful people do not ever want to retire. They want to have the option to do so, on their terms, should they wish to exercise the option. The first thing to do when planning your retirement is to determine at what age you want to have the option to retire. Typically, the average Australian retirement age is 67. However, you can choose to retire whenever you want based on your lifestyle and financial position. Figuring out when to have the option to retire will depend on a range of factors, such as your savings, investments, superannuation balance and personal preferences.
Determine your retirement goals
Once you have decided when you want to have the option to retire, the next step is to determine your retirement goals and the income you will need to support this lifestyle. When you retire, you will have more time for the things you enjoy most. You should think about how much money you will need for your basic living expenses and hobbies, the lifestyle you want to maintain and the emergency fund needed for life’s unexpected events.
Understand your financial position
Assessing your financial resources is the next step when planning your retirement. Your superannuation nest egg will typically be a component of your retirement income. You can start accessing your super once you reach your preservation age, which will be between 55 and 60, depending on when you were born.
Aspire to be more, contribute more and the best version of yourself possible. Nonetheless, Australia has a safety net in place with a range of government support benefits. Payments such as the age pension, Carer’s Allowance and Disability Support Pension can supplement your savings and super in retirement.
Develop a retirement financial plan
As soon as you understand your retirement goals and current financial position, you can begin to put a plan in place to achieve your desired retirement aspirations. Vince Lam is a an independent financial planner, here to help you achieve your life goals, including understand the options at your disposal, the implications of relocating or downsizing the family home, topping up your super or developing a low-risk investment portfolio.
We are here to help you achieve your most important life goals. Independent retirement financial advice can help you make informed choices when it comes to planning your retirement roadmap. Get in touch with the Plutus Financial team to be empowered, help you achieve your goals , get peace of mind and free up your time by outsourcing your retirement planning to us.