Retirement is still more than 10 years away
According to research by the Investment and Financial Services Association (IFSA), the Age Pension won’t be nearly enough to fund the lifestyle we’d like when we stop working.
Retirement planning in your 30’s and 40’s may seem irrelevant, but there are questions you can consider to improve your position later in life;
- Is the Super Guarantee contribution enough to fund my retirement?
- How much do I need to retire on?
- What is the best way of funding my retirement?
- Super consolidation
- What strategies can I employ now to increase my super savings?
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Retirement 10 years away - How we can help
We can:
- Help set short and long term financial goals
- Recommend strategies to accumulate the amount you need to meet your retirement plans
- Review your insurance
- estate planning requirements
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Retirement is 5-10 years away
The lead up to full retirement is critical to ensure that you are well positioned to meet your goals and objectives. The combined effect of earlier retirement and living longer means that many Australians will spend more than a quarter of their life in retirement. This emphasises the importance of planning carefully and well in advance.
Common questions to consider
Some questions you may wish to consider include:
- How much do I need to retire on?
- Should I focus on debt repayment or asset accumulation?
- Could I be using the equity in my home more effectively?
- When can I access my super?
- How can I maximise my wealth in the lead up to retirement?
- What investment structures will assist in minimising tax and building assets?
- What style of superannuation is best for me?
- SMSF
- Retail
- Industry
- My employer’s
- What are my options when I retire?
Other questions and considerations at this stage include:
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Retirement 5-10 years away - How we can help
We can:
- Establish how much you need to meet your retirement objectives.
- Establish a plan to accumulate enough retirement savings within your timeframe.
- Provide guidance on the likely strategies to be used on reaching retirement and the potential income they will provide.
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Already retired
If you’ve already reached retirement age, you may feel you’re not yet ready to give up work altogether. If you’re eligible for the Age Pension, the government offers incentives for working people to defer claiming it.
On the other hand, if you’ve independently funded your retirement, you may benefit from keeping track of, or restructuring, your finances so you maximise any government entitlement.
Common questions to consider
Some questions you may wish to consider include:
- What are the eligibility requirements for the Pension Bonus Scheme?
- How much is the Pension Bonus Scheme and when is it paid?
- Apart from social security benefits, am I eligible for anything else now I’ve retired?
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Already Retired - How we can help
We can:
- Monitor your investments and retirement income.
- Provide regular updates about social security changes that might affect you.
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