Start planning for retirement today
Whatever your retirement goals look like, we are here to help you reach them. With a little planning today, you can be financially prepared for retirement.
Whether retirement is around the corner or in the distant future, here are our tips to help you be retirement ready.
1. Work out when you want to retire
This is an important place to start. You may want to wait until you can access the Aged Pension. On the other hand, you may choose to retire earlier and access your super if eligible as a lump sum or as an income stream.
2. What does retirement look like for you?
Retirement is different for everyone. Some retirees have few outgoings, whereas others have a more expensive post-work lifestyle.
Regardless of what you have planned, it’s helpful to think about what annual income you’ll need to fulfil your retirement ambitions.
The table below provides benchmarks for the yearly household budgets and living standards for those aged around 65.
|Modest lifestyle||Comfortable lifestyle|
Table courtesy of AFSA (The Association of Superannuation Funds of Australia Ltd), accurate as of March quarter 2021.
3. Are you on track to reach your goal?
How much super do you have and how much income can it pay you in retirement?
Our retirement gap calculator can help you find the answers. It’s also important to consider if you’ll have other sources of income at retirement. This may include investments such as property.
Additionally, it’s vital to include a review of your debts and whether you will be able to pay them off prior to retirement.
4. Put a plan into action
If there is a gap between what you are likely to have in retirement, compared to how much you will need, create a plan.
In some cases, there are ways to get you closer to retirement. Consider making extra repayments to your super, repaying your debts earlier, or investing some of your savings.
Retirement planning can seem daunting but it doesn’t have to be. And it’s never too early to start thinking about this phase of your life.
If you would like to discuss your retirement plans with a wealth specialist, click here. They can assist you to maximise your retirement income by providing expert help with investments, cash flow and superannuation advice.
For more helpful advice, check out our Education HUB.
A Wealth specialist can help guide you. Make an enquiry today.
Grow your super
It may seem like forever before you can get your hands on your super. But that doesn’t mean you should ignore it. Here are our top tips on how to grow your super.
An investment strategy is what guides your investment decisions. It is based on your future income or capital needs, how long you want to invest for, and how much risk you can live with.
Risk vs return
All investments carry risk – even investing in cash. Market conditions, inflation, changes to interest rates and economic downturns can all have an impact on your investment.
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