Planning your transition to retirement can add massive value to your life.
Thinking about retirement for some can cause serious discomfort. Whilst most people have a clear idea of how they will spend their time, they may lack clarity on how they are going to pay for it.
Transition to Retirement planning provides financial clarity on “how” you can reach your goals, which leads to greater confidence, not just for a future retirement, but now, in the run up.
People who receive Transition to retirement advice emerge with clarity of purpose and an actionable plan. Clarity leads to peace of mind and a renewed sense of purpose. You are actively participating day to day in the construction of your financial future and that feels great.
Whilst many strategies can be advantageous for a multitude of people, everyone has different needs based on their circumstances that requires deeper analysis and bespoke solutions.
During our annual SMSF catch up meeting, clients (without financial advisers) press us for answers on questions about their retirement needs, like:
• How much money do you need before I can retire?
• How can my Superannuation and non-Super investments, replace my salary in retirement?
• How much money will I need once I retire?
• What type of investments do I need to meet my income requirements?
• How long will my money last?
The answers to these questions depend on your circumstances.
Do you have a large mortgage or other personal debts to pay off? Do you own your own home or rent? What lifestyle goals do you want to have in retirement? Do you like traveling, eating out regularly, spoiling your children and/or grandchildren?
We can provide general information of what success would look like for the “average” Australian, but that does not account for your specific requirements. What has the average Australian got to do with you.
The only way to get the right answer for you is to work with your financial adviser to create a transition to retirement plan. This plan can be 1, 5, 10, 15 years prior to your retirement. Depending on your situation, it may be a relief to find that you are already on track to meet your goals. This discovery provides peace of mind that staying the course is worthwhile.
So how can you get started? It’s easy.
Speak to your Financial Adviser or speak to Supervision (08 9367 9655) if you don’t have one.
Your adviser will ask questions about your current situation. From there they will analyse various scenario’s which are designed to illustrate various options that you have. Once the work is done and you understand your options, a plan can be implemented. From there, you can commence making an impact.
We believe that financial advice is always beneficial, transition to retirement is even more important because it addresses a specific need that you have. If you are thinking that this could be helpful or you have the same questions as mentioned above, please reach out as soon as possible.
