Getting your retirement plans back on track

It’s been an unusual last 12 months. The best-laid plans may have been put to the test. Some of my clients received a redundancy, leading to them retiring earlier. But others who were planning on retiring are happy to work a bit longer- because we can’t travel anyway.

Whatever your circumstances, a financial tune-up may be required to get your retirement plans back on track.

The ?????????? ???????? ???? ???????????????????? ???????????????? is understanding what your retirement will cost.

Your retirement spending will depend on the following:

?? If you are married or single, 

?? Whether you own your home, and where you want to live.

?? Your desired lifestyle: Maybe you want an overseas holiday every year, or prefer to holiday locally. 

Then we need to talk about longevity- The challenge is to ensure your money lasts for as long as you do. Usually, the key to having money last as long as possible is to ensure it’s invested in assets that will provide a decent enough return to beat inflation. 

Once you have an idea of what your ideal retirement will cost, you can work out if you have enough super & other assets/savings to fund it.

Add up your savings & investments, (both Super and Non-super). Subtract your debts, to arrive at your current net worth. Then work out how much you are likely to have by the time you hope to retire if you continue your current savings strategy.

If there’s a ?????? between your retirement dream and your financial reality, you still have choices.

If you have the means, you could make additional Super Contributions. You may also be able to make after-tax contributions (subject to eligibility).

You might also consider delaying retirement, which has the double advantage of allowing you to accumulate more savings & reduce the number of years you’ll be drawing on your Super.

Book a call with us if you would like to discuss your retirement strategy.

*General Advice Warning*

Any advice or information in this publication is of a general nature only & has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your personal objectives, financial situation & needs. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product, and to seek appropriate advice.