Financial
Roadmap
A clear, personalised path to your financial goals.
27 September, 2022
Closing the retirement gap
First Financial Team
Do your means support your dreams for retirement?
What is a retirement gap and how can you close it?
Your ‘retirement gap’ is the difference between the income you’ll need to live a happy and fulfilling life in retirement and the money you’ll receive from your retirement income.
Your retirement income may be derived from:
- a pension
- a superannuation lump sum payment or income stream
- earnings from your assets
- personal savings, or
- a combination of these.
Identifying your retirement gap is the first step in closing it, and having a plan in place to close your retirement gap is a key ingredient in building a secure retirement.
Are you on track to retire the way you want?
Our specialist team can help you to figure out how much money you will need to retire and assist you to close the retirement gap and meet your retirement goals.
Calculating your retirement gap?
A financial adviser can assist you to make a reasonable estimate of the amount you’ll need, either as a monthly or lump sum, for your retirement.
The basic formula for this calculation is to subtract the amount you forecast you will need for retirement from the amount you’re projected to have – the difference is your retirement income gap.
Not sure of your forecast?
That’s okay, a qualified financial adviser can assist you to review your finances and make this projection. Yes, even if you’re still a long way out from retirement age – it’s never too early to start planning your retirement.
At First Financial, we understand that retirement goals are personal, but believe that absolutely everybody can benefit from a retirement plan.
Remember, life expectancy statistics show that most of us could spend one-third to one-quarter of our lives in retirement – you may live much longer than you think, so it pays to be prepared.
If your rough calculations indicate you will have a retirement gap to close, don’t despair, there are many steps you can take now to close your retirement gap and live the life you choose in your later years.
Develop a retirement investment strategy
Investing for retirement requires a different approach to the mindset you may have for saving for retirement.
Saving for retirement will likely include making regular contributions to your superannuation during your working life and, when possible, making regular extra contributions.
For most workers, your superannuation will continue to compound for three to four decades before you even come to think about transitioning to retirement.
Investing for retirement is also a long-term game, with the aim to accumulate assets that accrue wealth over many years to lower your retirement gap when the time comes to transition out of work.
But the investment objectives you subscribe to in building your wealth portfolio to safeguard your retirement must be carefully considered to ensure the investments have time to mature and reach their full potential.
Many investments also have complicated tax implications and may include lender stakeholders and minimum levels of equity or income to fund the purchase.
At First Financial, our unique investment philosophy can assist you to build an investment portfolio that generates tax efficient income that is hedged for inflation and an investment plan that is in line with your personal risk tolerance and accessibility.
Our specialist team of advisers knows that the more you earn from your investments, the smaller your retirement gap will be – and the more likely you are to have investments capable of supplementing your retirement income and helping you live the life you want after you’ve finished working.
Developing a retirement investment strategy is not a DIY approach.
Ask us how you can get started today.
Pay more into your superannuation
As we touched on above, a surefire way to reduce your retirement gap is to make regular contributions to your superannuation – both concessional or non-concessional contributions.
Thanks to the highly tax-advantaged structure of superannuation, particularly for concessional contributions, this strategy can make a huge difference to reducing your retirement income gap and guaranteeing a reliable income stream in retirement.
Note, there are restrictions in the amount of contributions you can make and when you can access your super, particularly if you want to draw down an income before your preservation age.
Speaking of super, do you know how your super is performing right now?
Is it time for a superannuation check up?
Ask us today how you can get the most out of your superannuation, now, and into the future.
Manage your expectations
Are your expectations for retirement realistic?
We are not in the business of shattering dreams, in fact, we specialise in helping you to achieve your financial goals.
But it pays to consider if your expectations for retirement are in line with the expected results of your investments and your superannuation savings.
At First Financial, we believe the key to unlocking freedom in your retirement is starting early to prepare for retirement.
Our team works with you to take stock of your personal situation, assess your likely retirement gap and what strategies you can use to close the gap to achieve your retirement goals.
It is our passion to help clients become retire life ready and we can help you to develop a realistic retirement plan.
Want to invest wisely but don’t know where to start?
Ask us about wealth building to protect your lifestyle and work towards the retirement you deserve.
YOUR FINANCIAL JOUNEY
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CLIENT STORY
Larry and Virginia
Life Stage:
Newly retired
Background:
As retirement neared, Larry and Virginia were ready to enjoy travel, family, and freedom, without uncertainty. A friend recommended First Financial, and from the first meeting, they had a clear plan, a safety net, and people they trusted.
- Wanted to travel and enjoy retirement without second-guessing finances
- Needed a structured income plan with buffers for the unexpected
- Valued guidance that felt honest and human, not overcomplicated
- Needed people they could call and count on
- Created a reliable income stream with a set-aside safety net for the unexpected
- Gave them the freedom to travel and spend meaningfully with family
- Kept advice simple, thoughtful, and tailored to what mattered to them
- Built a lasting partnership based on trust
“We’ve travelled the world, Europe, Sri Lanka, Vietnam, without once stressing about the money. They made everything feel simple and gave us the confidence to live well. We feel secure because we know exactly where we stand, and that peace of mind means everything.”
CLIENT STORY
Tim and Adam
Life Stage:
Early retirement and working professional
Background:
When Tim received an overseas medical settlement, he and Adam had just 14 days left in a 90-day window. They needed clear guidance, fast. A referral led them to First Financial.
- Only two weeks left to meet urgent legal and financial deadlines
- Wanted to preserve capital while setting up income for the future
- Needed a plan that supported both retirement and ongoing work
- Hoped to find advice that felt personal, not transactional
- Managed every moving piece, from legal documents to super rollovers
- Designed a strategy that supported both Tim’s retirement and Adam’s career
- Offered clear guidance with steady follow-through, with no stress or pressure
- Built in ethical investing and flexibility, without sacrificing performance
“We’re in totally different life stages, but First Financial built a strategy that supports us both. From urgent legal steps to ethical investing, they handled every detail with calm, care, and real expertise. It’s financial freedom without compromise, and we couldn’t have done it without them.”
CLIENT STORY
Graeme and Craig
Life Stage:
Retired and semi-retired
Background:
Referred by friends helped through aged care, Craig sought secure financial guidance after inheriting funds.
- Invest inheritance securely without high risk
- Maintain a modest lifestyle with confidence
- Building trust for someone new to advice
- Accessible, personalised advice
- Provided a low-risk strategy with regular income
- Reassured with steady, market-aware updates
- Established trust through responsiveness and warmth
- Delivered calm, expert support through all transitions
“We feel very secure with First Financial, the income just comes in, and we know everything is being looked after. It’s not just safe, it’s smart. We’ve recommended them to others because we genuinely believe in the team.”
CLIENT STORY
John
Life Stage:
Retired business owner
Background:
After decades of running a successful pharmacy, John sought financial guidance to simplify decision-making and support long-term planning.
- Navigated the sale of a long-held business
- Wanted simple, honest advice after burnout
- Needed a hands-on adviser he could talk to
- Desired financial guidance aligned with lifestyle goals
- Crafted a strategy that supports relaxed, post-work life
- Offered approachable, plain-English advice
- Maintained an ongoing, trustworthy relationship
- Provided flexibility with investments and cash flow
“I feel genuinely supported by First Financial. I can ask anything, and there’s no pressure, just clear advice and real care. The money’s growing, I’m not stressed about it, and I feel completely at ease for the first time. I don’t miss work, but I’d miss the support I get from First Financial.”
CLIENT STORY
Lyn
Life Stage:
Retired widow
Background:
Lyn stepped into financial management for the first time after her husband's passing. With patience and care, First Financial supported her through grief, learning, and empowerment.
- Had never managed finances before
- Was overwhelmed after her husband’s passing
- Needed plain-English explanations and patience
- Sought emotional support and practical clarity
- Offered caring, respectful advice at her pace
- Rebuilt confidence with diagrams, stories, and reassurance
- Supported gradual decision-making around retirement
- Remained a trusted constant through major transitions
“After my husband passed, I was completely unsure where to start. First Financial gave me the space to learn, to ask questions, to grow confident. They drew a diagram that I still have. And now, I sleep well at night knowing I’ve got someone in my corner.”
CLIENT STORY
Jan
Life Stage:
Retired
Background:
Jan's husband managed the finances until entering aged care. Jan gradually stepped into the financial picture with First Financial’s support.
- Needed financial guidance after business sale
- Lacked experience managing complex finances
- Sought consistent income and long-term structure
- Wanted a familiar, reliable relationship
- Provided long-term support through several transitions
- Helped structure income reliably for retirement
- Empowered Jan through education and reassurance
- Delivered calm advice through both grief and growth
“The money just comes in. I don’t have to think about it. And I know they’re always there. They’ve always been there in the background, just quietly making things work.”
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