If retirement is on the horizon, now is the time to start planning how you will manage this transition.
Retirement should be an exciting time of life, full of anticipation and aspirations. This could mean spending more time with family, exploring the world through travel, or indulging in established or new hobbies.
But for some the transition to retirement can be a stressful period of worry and uncertainty. Concerns about whether finances will stretch far enough are common, but can be avoided with careful, considered pre-retirement planning.
If you are planning to retire in the next 10-15 years, now is the time to start preparing. Consider the following:
- How would you like to spend your retirement?
- Do you know how much money you will need to support your retirement lifestyle?
- Do you have a strategy in place to help you reach your financial goals?
There are many options available to help you achieve your goals - the key is getting the right financial advice for your situation. Key areas of consideration include:
- Strategies to maximise superannuation
There are various strategies that become available to adults in the pre-retirement years that help reduce the tax you pay to maximise your retirement savings. - Debt reduction strategies
Are you still paying off a mortgage or other type of loan? How can you reduce this so you go into retirement debt-free? - Insurance review
You may not need the same level of cover as once before and could be paying too much in premiums. - Financial assistance
Do you have adult children you'd like to assist financially? Or an elderly parent that may need to go into care? How could these scenario's effect your financial position. - Legacy protection
Make sure your wealth is distributed according to your wishes when you die. If you've strived to build a business, have you thought about what will happen to it once you stop working?
By planning ahead you'll be in a good position to take advantage of the various tax concessions and financial opportunities that present themselves in the lead up to your 'golden years'.
Take the first step towards retiring now - complete the form below and an expert financial advisor will be in touch.