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Planning For Your Retirement

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.

Conclusion 

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.

Independent Wealth Management

Investing for Long-term Wealth with Independent Financial Advice

The Plutus Financial Guidance guide to investing for long-term wealth  

It’s proven that time spent investing in the market is more often important than the timing of the market.  This is a major point when investing for long-term wealth

2020 has being a rollercoaster year in more ways than one. It’s clear that those with a diverse investment portfolio and a solid long-term strategy have come out the other side relatively unscathed.   

When it comes to investing for the future, starting out early is imperative for ensuring long-term results. Whether you are years away from retirement or starting a new job, it’s crucial to have a few financial goals defined to frame your investment strategy. This way individual outlying years such as 2020, aren’t such a worry.  

The unfair advantage of compound interest?

Compound interest occurs when you earn additional interest on top of simple interest by reinvesting and making regular contributions over a consistent period of time.  This may sounds simple, yet it’s one of the major forgotten elements in retail investing (an individual who purchases securities for his or her own personal account rather than for an organisation).  

Dollar-cost averaging when investing for long-term wealth

Making regular instalments into your investment portfolio is key to delivering long-term results. Another common yet simple strategy is dollar-cost averaging. Instead of investing all of your capital in the one go, the idea is to invest the same, fixed amounts regularly, over a long period of time.  

Regardless of market conditions, this strategy allows you to increase your investment.  The easiest way to understand how dollar coast averaging works is to stay engaged with your investment. Calculating how investment balances can build up over time, with a combination of regular contributions, reinvestment, and compounding returns.    

Independent Financial Advice for 2020 and beyond

Increasing wealth through smart, calculated investing is a proven strategy.

Investors who are disciplined and armed with a strong, researched investment cases are poised to realise favourable returns in the years to come. Longer-term strategies mean your investment can be left to generate returns without the need to worry about the market’s peaks and troughs.  

Having a clear financial plan, consistent contributions, and diversified strategy will ensure a solid growth for your nest egg. As with many things, the longer you leave it to grow the better the financial return.  

Independent financial advisors such as Vince Lam are industry professionals. They specialise in building financial roadmaps tailored to you and your family’s needs, offering you peace of mind by ensuring you are on track to reach your financial goals.