Retirement should a wonderful time in your life where you get to sit back and enjoy life, travel and take up those hobbies you have not had a chance to do, yet when you consider the facts below retirement can seem rather daunting.
- Only 53% of couples and 22% of single people are on track to achieve a comfortable level of retirement income, according to an in-depth study of the adequacy of retirement savings
- The Australian Bureau of Statistics (ABS) today released the highest life expectancy estimates ever recorded in Australia, with many people easily living 20 years after they retire at 65.
- A global survey of people’s attitudes to retirement savings shows while Australians expect to spend over 20 years in retirement, their money will run out after only just 10 years, leaving them on the age pension.
- For most people, superannuation is not sufficient to fund a comfortable retirement, even if they have contributed to superannuation for most of their working lives.
Retirement planning is not a set and forget process
To ensure that you maximise your income in retirement it is essential that you carefully manage and monitor your retirement plan, which should include more than just a simple pension. By investing and generating an income from several sources you can maximize the amount you have to live on in retirement and minimize the risk of being effected by changing market conditions.
It’s worth reassessing your retirement plans regularly
Obviously the earlier you start preparing for retirement, the more options you have to set a course that suits you. However it’s never too late to boost your retirement income and there are actions that you can take no matter what your age. The important thing is to take action now and speak to a qualified financial advisor who can review your individual situation and come up with a tailored strategy that will work for you both now and in the future. You can then consider how you can use different income sources to fund different stages of your retirement.
Take action now to maximize the impact of your retirement planning
I can help you identify how much you need in retirement to enjoy a good standard of living. I can help you formulate a plan and then identify the very best ways to achieve your goals. I am not tied to any single investment company or bank so will consider your situation and then identify the best products on the market to maximise your wealth in retirement.
We can look at a full range of wealth creation vehicles such so that you can maximise your retirement income. With many retirees living up to 90 and beyond, it’s a good idea to invest at least some of your money in assets that will grow over time, like shares and property. This will help ensure your capital will grow in value to keep pace with inflation and your income needs.
Don’t risk going it alone, two heads are always better than one!
Trying to figure out whether you can afford to retire is like putting together pieces of a financial jigsaw puzzle. First, you need to estimate how much you’ll spend in retirement. Then you must consider the income you’ll collect in retirement from pensions and Social Security – as well as the amount you can afford to draw from your personal savings or other sources. This is why speaking to an expert can make the picture a whole lot simpler. Not only can we help you identify the best mixture of products we can find you the very best products offered on the market that will suit you and your personal situation.
We can also look at the effects of your savings and investment on your estate and ensure that you take action to ensure that everything you have worked for goes to the ones you love not the government, with some simple Estate planning solutions.
No one has a crystal ball and can tell you what the future hold, however I can ensure that yours will be as comfortable as possible with some effective retirement planning solutions.
Call today for a complimentary Retirement planning review, we can look at what you already have in place and what else you could do to ensure you have the retirement you deserve.