Major life events like nearing retirement triggers a need to get sound financial advice from a trusted financial adviser.
If you’re about to retire or wondering if you can afford to retire, don’t think alone. At this crucial moment in your life, it’s vital to talk about your retirement goals, and to discover all the different retirement planning options available and suitable for your needs.
Too often, people leave this important life milestone decision making process to the end which can actually reduce the ability to take advantage of the different planning strategies and options.
Retirement is a milestone marking the start of a new phase in your life. If you’re well-prepared, you can look forward to freedom from a set routine and the opportunity to enjoy many things you haven’t had time to do while working.
Your quality of life and financial security after work will depend on you having an adequate retirement income. The decisions you make now about how you will invest your superannuation and any other savings once you retire are of critical importance. Whether you intend to move into full retirement straight away, or scale down to part-time work first, there are many issues to consider before you make any changes.
In the lead-up to your retirement, information and advice are crucial in helping you assess your situation, to identify retirement goals and to develop a practical, achievable plan.
One of the Frequently Asked Questions (FAQs) for retirees, is:
How much retirement income do I need?
By the time you retire, you’d want your ‘nest egg’ to be sufficient enough to allow you to meet your ongoing retirement expenses, and have enough income to afford a lifestyle of your choice or desire.
Working out how much you’ll need to save to fund your retirement raises a lot of different questions you should be able to answer and understand. This is where the planning part comes to play by getting your adviser involved to work out a plan that is personalised and right for you.
Some important retirement questions to consider:
- At what age do you plan to retire?
- Do you want to retire completely?
- Would you like to continue to work part-time?
- What are your planned lump-sum retirement expenses?
- What will your expected ongoing retirement expenses be?
- What is your life expectancy?
- How much savings do you have accumulated?
- How are your current retirement savings invested?
- Do you understand the different investment options?
- What type of an investor are you?
All of the questions are designed to help identify your goals, and to flesh out a solid plan that is customised and personalised. When planning for your retirement, you cannot afford to take a ‘blanket’ approach, it needs to be specific to you, and to your situation.
Don’t make the mistake many retirees often make, assuming you have all the time in the world.
Don’t leave it to the last minute. Give yourself the best possible outcome by planning ahead, understand all the options available, and collaborate with your adviser to put in a plan that is realistic, practical and achievable.
For more help on reaching your financial goals. talk to a Dome Financial Adviser.
The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.