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.