Retirement Planning involves identifying your current projected retirement position, your retirement plans/goals and recognising if you need to put in additional strategies to ensure you have enough money to live the lifestyle you want in retirement.
Considering we are living longer, you could be retired for 20 – 30 years, so why only spend 10 years preparing for it, or even less? It’s a long time to be living poor.
Retirement planning is a crucial step to ensure that you can retire when you want to. Start taking steps to plan for your retirement:
Think about what you expect from retirement including travel, hobbies and other activities
Develop financial plans based on your personal and financial goals
Speak to a financial advisor if needed
Make a retirement plan. Your retirement plan can be simple or detailed. It should include:
What are the benefits of Retirement Planning?
Planning for your retirement allows you to have the lifestyle that you want in retirement and ensures your need for regular income is met while taking into consideration inflation and other external factors.
Diversifying your retirement investment strategy also carries a lower risk and can produce multiple income streams and offset the effects of inflation.
How does Retirement Planning work?
You need to take a long-term approach to planning your retirement as it could last over 20 years. A considered approach to your investments should be taken as there are a number of options available to maximise your returns.
Over a 20-year period, retirees can expect living costs to almost double if inflation averages 3% pa. In other words, the value of your capital and the interest income you receive from a fixed rate investment will be worth just over half their current value. The real solution is to consider having part of your investment portfolio in growth assets such as shares and property, to allow your capital to grow over the long term and offset the effect of inflation.
For a complimentary appointment with one of our qualified and experienced financial advisors on the Sunshine Coast, contact us today.
Let’s book in a quick catch up to discuss an appointment, your options, plan a strategy, sign some paperwork or confirm your identity.
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