The Things You Can Do to Prepare for Pre-Retirement
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Pre-Retirement Checklist: 3 Things You Need to Do to Prepare

It wouldn’t be an exaggeration to say that financial planning is one of the most important tasks you’ll ever need to do as you approach your retirement. Indeed, planning for retirement is the key to enjoying a stress-free post-career lifestyle. Considering how important it is, you’ll want to make sure that you get everything right. Now, this is easier said than done as retirement planning can be extremely difficult due to the vast number of things that you’ll have to consider.

To help you out, we thought it would be useful to put together a brief checklist of things that you’ll need to prepare. If this is something that you’re interested in, read on as we list down the three things that should be included on your pre-retirement checklist.

Prepare a Lifestyle Plan

The first you’ll want to do is to prepare a lifestyle plan. A good lifestyle plan should include when you plan on retiring, what you want to do in retirement, and ultimately how much money you’ll need each year. Your lifestyle plan will basically determine how much money you’ll need to accumulate to retire comfortably.

If the amount you arrive at seems implausible, then this is an indication that you may have to either re-evaluate your lifestyle choices or take steps into growing your superannuation. This can either mean changing your spending habits or increasing super contributions. Remember, there is no one-size-fits-all solution to this, as it will fully depend on your situation and your chosen retirement lifestyle.

Reduce Debts

As you near retirement, it’s also important to reduce your debts as much as you can. A great way to do this is to consolidate your debts. And while it may seem counterproductive to take out a loan to pay off debts, it can be beneficial if the new loan comes with a lower interest rate. Aside from consolidating debts, you can also opt to make extra payments in order to pay off your debts quickly. Despite the minor inconvenience this may lead to, it will all be worth it in the end as it will allow you to retire without worrying about the debts you have to pay off.

Consider Estate Planning

Lastly, we recommend thinking about estate planning. Many of you may think it’s too early to do this, but estate planning is better done earlier in case of potential future illness or injury and you find yourself incapable of making decisions for yourself. Now, if you don’t want to go through all the details the least you can do is to prepare an Enduring Power of Attorney so that a trusted person can step into a decision-making position if you ever lose the capacity to make decisions for yourself.

Bottom line: Get Ready for Retirement Now!

We hope this article proves to be useful when it comes to helping you be sufficiently prepared for retirement. While this may seem like a lot of work, it will all be worth it in the end as it will pave the way towards a comfortable retirement.

Want to learn more tips in living a comfortable and happy retirement? Check out these interesting blogs:

While retirement planning is difficult, you don’t have to do it alone. Achieve your retirement goals by checking with a professional retirement planner who can help you stay on track to a stress-free retirement! Coastal Advice Port Macquarie aims to help our clients all over Australia reap the benefits of their working years. Please book an appointment with us today to know how our services can help!


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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