What does your retirement lifestyle look like?

What does your retirement lifestyle look like?

When was the last time, you thought about what your retirement lifestyle would look like?

Most people are busy and extremely time poor. Each working week passes quicker than the last, and before you know it, another year passes, and the new year starts all over again. Each week seems like a blur, and unless you take the time out to think about WHY you’re working so hard, and HOW you can make the most of your professional life, you could be facing retirement sooner than you think, and be slapped with a retirement lifestyle very different to what you’d hoped for.

Questions to help you start planning & thinking of your ideal retirement lifestyle:

1. When do you want to retire?

Most people strive for a certain age, and that normally sits between 55 to 65.

  • When do you see yourself hanging up your boots?

    Do you wish you could retire earlier?

Maybe, you’d like to start cutting back, and go part-time leading up to your retirement?

When you actually want to retire is something you should be discussing with a professional adviser. Planning early and getting your financial affairs in order to be able to retire when you want to is a goal to strive for.

2. What might you like to do in retirement?

Just because you retire doesn’t mean you become a recluse. You’ve worked hard all your life to be able to do what you want to in retirement, so don’t lose sight of it. Start dreaming of the things you’d want to do if time and money wasn’t an issue.

  • Maybe it’s to travel and go on adventure holidays?

    Is it to reinvent yourself professionally, and begin a second career?

    Or you want to take up a new hobby or go back to learning a new skill?

    Perhaps, it’s simply to relax, have fun and do whatever you want without any constraints?

Whatever your retirement goals, start pursuing it, and jot them down.

3. Where do you want to live?

Some people like to downsize, and move to the coast. Others like to upgrade, and get a chance to experience inner city living, and enjoy an active social lifestyle.

Where you want to live in retirement impacts on the type of lifestyle you get to enjoy.

Maybe, you’d always wanted to sell, gift some of the funds to help your children out, and use the balance to buy a smaller pad, rent or even go overseas to live.

It helps to share your ideas and thoughts with an adviser who can begin the awareness, consideration and decision journeys to embark on to achieve your ideal retirement lifestyle.

4. How to stay healthy and active?

You want to make the most of enjoying your retirement, so you do need to consider how you’ll keep fit and healthy.

  • Do you currently have any medical conditions you need to account for?

    How do you safeguard yourself and your partner from any unforeseen events occurring that may impact on your wellbeing and retirement lifestyle?

    Do you have appropriate measures in place to protect you in times of health or medical issues?

It pays to start thinking and envisioning about your retirement lifestyle now so you can turn that vision into a reality.

Most people think they’ll be right, and have years before retirement but don’t put yourself in a situation of regrets.

The smarter way is to start engaging an adviser who shares the same visions as you, and understand what you need and want, and someone who can help to put all the puzzles together for you.

Related Article: Preparing for Retirement Must Knows and Dos

For more help on reaching your retirement goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

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.

 

Top 3 Financial Tips for your 20s

Top 3 Financial Tips for your 20s Congratulations! You’ve survived your teenage years, finished higher school education and graduated with professional skills, confidence and a zest to conquer the world. All the hard work, resilience and many life’s highs and lows...
Read More

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
Read More

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...
Read More

3 Golden Rules to a solid Investment Plan

The 3 Golden Rules to Investing When it comes to creating wealth, you need to start with a solid plan. A plan that is personalised to your situation, and one that is appropriate to meet your financial goals and objectives. Everyone is different, so every plan should...
Read More

What are the benefits only a financial planner can provide?

The many benefits financial planners provide As a financial planning professional, a question we get asked a lot by new clients is  "Do people really need a Financial Planner when so much DIY information is available online?", and so we’ve decided to clear up the...
Read More

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
Read More

P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Preparing for Retirement Must Knows and Dos

Preparing for Retirement Must Knows and Dos

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 PLANNING

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.

PLANNING AHEAD

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.

Retiree  FAQs

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.