We all want a happy, stress-free retirement.
Ensuring you have sufficient income is fundamental to delivering that goal.
But working out whether or not you have enough to last you the rest of your life can often be confusing and stressful.
Make a plan
Preparing a financial plan for retirement is key to ensuring your money lasts. It’s critical you review your financial status to see where there are gaps and opportunities. And to gain the reassurance of knowing how much money you have now and how much you may need in the future.
A plan takes into account your current financial position, including your assets and liabilities, as well as your insurance protection and accumulated super. It optimises your savings, investments and superannuation so that it can deliver against your short and long-term goals.
Work with an adviser
It’s easy to ask the questions about your retirement, but doing the work to get the answers you need is more complicated.
You might be time poor, managing debt, on a good income but unsure if you’re putting enough away and are on the right track.That’s where talking to a financial adviser is invaluable.
A trusted professional will help you articulate your goals as well as take a detailed look at your current situation and financial position.
Your adviser will explain the risks and potential returns of various investment strategies and hone in on where your level of comfort lies.
Your lifestyle will change as you age and your retirement plan needs to reflect that. You may want to tick those holiday destinations off your bucket list first.
Downsizing from the family home might be a priority. Further down the track moving into a retirement village could be on the cards. Think about how you might finance the different stages in your retirement.
A financial plan will ensure there’s enough to cover unexpected expenses too. It will set you firmly on track for a comfortable and confident retirement.
A long haul approach
A good adviser is with you for the long-haul. Throughout your retirement its important to plan and be responsive. The later years of retirement are just as important to prepare for as the first few. And your adviser will continue to work with you through those years.
Your income needs to last, and for that your plan should be dynamic. If markets take a downward hit, it’s good to know your adviser is there to assess and analyse any change and adjust your plan accordingly.
And when legislative or tax changes happen, that your adviser will explain the jargon and adapt your portfolio for maximum advantage.
Get advice early
Don’t wait too long before you seek help.
The earlier you start planning for a healthy retirement income, the greater the opportunities to accumulate wealth along the way.
By taking control of your finances and working with a financial adviser, you will also control the financial success of your retirement.