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Retirement Planning

There are many things to consider when planning for retirement such as the lifestyle you want, where you want to live, how much income you will need and the appropriate way to transition to retirement. That’s why it is essential to plan to ensure you are prepared.

It is a good idea to seek expert advice as part of your preparation for retirement to ensure you are enhancing your savings and assets in a tax effective way.

Some points to consider are as follows:

What are your plans for work?

How long you can or wish to work is up to you. The longer you work the less you will need to draw on your savings and the more you can accumulate to fund your retirement. But this doesn’t necessarily mean working flat out until you retire. It may mean gradually phasing down from full-time to part-time work. It can also be an opportunity to focus on the sort of work that interests you and is perhaps less demanding.

If you have already established a substantial asset base, simply earning enough to live on for a few more years will greatly boost your financial position in retirement as it will delay the need to draw on your nest egg and allow more time for it to grow. You may also wish to consider a transition to retirement strategy to boost your super.


When is the appropriate time to retire?

There is no legislated retirement age. However, you can only access you’re preserved super from age 55 if you were born before 1 July 1960, increasing in yearly increments to age 60 for those born on or after 1 July 1964. The government pension is currently accessible from age 65.5 for both men and women, but this will gradually increase to age 67 for people born in 1957 or later.

There are broadly two ways to approach planning for retirement. You can decide when you wish to retire and work out how you will fund it from your accumulated assets, or work out how much you will need to retire on and plan your retirement around that target.

How much do you need to retire?

Every circumstance is difference and the amount you will require is dependent on when you plan to retire, the level of income needed and how long this income is required for. It will also depend on the actual earning rates for your investment and whether or not the Centrelink age pension is available at some point.

Retirement Plan

Do you need a retirement plan? The answer is generally yes as this is the best way to determine your actual requirements and provide you with the basis to how this can be achieved.  A retirement plan (Statement of Advice) set outs your needs and objectives and provides solutions and options for you to work towards.

Please contact us for a no obligation appointment to discuss your current situation.