Financial planning for retirement
To adequately plan for your retirement, it’s helpful to understand the point at which you’re starting. Depending on the lifestyle you’re accustomed to and what you hope to do in your golden years, the amount you’ll need to have saved will vary.
Of course, planning for retirement is so much more than just the financial element, it’s a very personal decision too, so there is also the emotional element to consider.
Taking the time now to determine what kind of life you eventually want to live will help you work through those emotional decisions and plan out how hard your savings have to work – that’s where we can help. Guidance from an expert financial advisor can take away the stress of financial planning for retirement.
Our expert financial advisers can help you identify the key issues that form part of your retirement financial plan, including:
1. Assets & structure
Getting the structure of your assets right is like laying a foundation for your home. The structure refers to how you hold these assets, such as within super or in a family trust. If you can get that framework right early on in your retirement planning journey it can underpin the rest of your financial arrangements and may provide long term benefits ― especially in terms of tax savings and estate planning.
2. Income & tax management
As you work towards retirement, making sure your income is directed to the most productive strategy - for example, towards debt repayment or super - can help ensure that your salary – one of the most valuable commodities – is working hard for you.
This might mean considering whether to pay extra into what’s left of your mortgage or making tax effective contributions to super. The strategy selected is not the same for everyone, and we can help you work through what may be right for you.
Superannuation is a complex world but getting your strategy right early can pay off in the long run when you consider the benefits super offers in terms of tax, investments and estate planning. We can help you optimise your contributions, choose the right superfund, determine how much you need to save and when you can access it.
By using our simple guide, we show you five key areas you should consider when comparing super options, which can help make it easier to make a more informed choice about your super and determine the most appropriate solution for you.
4. Estate Planning
You work hard to build wealth for a comfortable retirement and for many people, it’s also important to be able to pass something on to the next generation. So that your hard work doesn’t go to waste, a well-structured estate plan enables your wealth to pass on to your beneficiaries seamlessly and tax effectively. Clarifying the details of this element early in your retirement planning can help alleviate some of the emotional pressures that can often arise in the later stages of your life.
5. Time commitment and involvement
As you transition through different life stages this can impact the amount of time you devote to managing your finances and planning for retirement. The demands of balancing work, family and other personal commitments can often mean there are certain times when your personal finances fall further down in your priority list. You should consider from the onset the level of involvement you are willing to take and what is practically possible. Having professional support and assistance at key decision-making times and during legislative change can help reduce the administrative burden of managing your finances, allowing you to develop more confidence to keep progressing forward.
Take the first step now - talk with experts
Whatever your plans for retirement, one of the more overwhelming and complex aspects is working out how you will get there. Getting reliable information is vital and this is where a financial adviser can be invaluable.
They can help you with setting and achieving your goals, building and structuring your wealth in the right way for your situation, and supporting you on the path to financial freedom in retirement.
Talk with one our experts today.
- ASIC’s MoneySmart – great tools including a retirement calculator to plan how much income your retirement savings along with the Age Pension will provide during retirement, as well as an overview of what to look for when seeking financial advice.
Department of Human Services – find out how much Age Pension you could receive and other support services available in retirement.