Retirement should be a time of freedom and excitement. It's a time to do everything…
When it comes to retirement, preparation is essential. Begin with your end goal in mind – identify how you want to retire and then plan for it.
There are several retirement planning techniques available to help you save money and grow wealth faster. One of which is “Transition to Retirement”. The notion of ‘transition to retirement’ refers to preparing for retirement and assisting you in seamlessly transitioning from one stage of your life to the next.
Investing in super is the most popular retirement planning option. The reason for this is that all investment profits under super are taxed at 15% maximum while you are saving towards retirement, and then 0% once you retire. In addition, you can obtain tax breaks for contributing to super and get tax-free pension income during your retirement.
Are you interested to learn more tips and strategies for a stress-free retirement? Here are some more retirement strategies and tips for Australians.
Strategies for Retirement Planning
After you’ve determined your retirement objectives, you’ll need ways to put them into action. These may include:
- Making additional payments to your super while you are still working;
- Using a retirement balance projector to examine the consequences of increasing your super contributions and raising your retirement age;
- Researching how to make the most effective use of investment options, and;
- Considering how your super and the Australian Government’s Age Pension can complement each other.
Not all of these ideas will be appropriate for everyone, and if you have a spouse, remember to involve them in your retirement planning — you’ll be spending a lot more time together.
Tips to Help Kick Start Your Comfortable Retirement Lifestyle
Doing your retirement planning ahead of time and ensuring you have a clear idea of how much you’ll need to invest to provide for your retirement spending is essential to retiring with ease. The longer you have, the higher your chances of meeting your retirement goals on schedule. Here are other tips to guide your planning:
- Even if you are not eligible for an age pension, you should check whether you are eligible for the Commonwealth Senior Health Care Card or any other Centrelink benefits after you reach the age of 65.
- Work with a financial planning professional to ensure that you are taking advantage of your options and that you are on track to retire in the manner you choose.
- Have your health checked to ensure that you enter retirement in great shape.
- Work on your retirement goals; retirement is a time to reflect on your accomplishments throughout your working life. If you have a partner, make sure you both understand what retirement means to both of you.
- Make sure your estate planning is current and that your will is up to date and legitimate. Consider enduring powers of attorney, and include your family and make sure they know where to locate everything.
- Create a budget not only for your day-to-day spending but also for unanticipated expenses and health bills.
- Consider doing some volunteer work – if helping and giving back is something you are interested in, look into the possibilities.
Plan Your Financial Roadmap Today!
Don’t waste another minute worrying about your retirement. With a detailed strategy and a financial roadmap to guide you, you can start to realise your ideal future in only a few clicks.
To know more about how to have a comfortable and happy retirement life, check out these posts:
- 3 Retirement Questions to Ask to Achieve Your Desired Lifestyle
- What You Need to Know About Managing Cash Flow in Retirement
- Housing for Retirement: Should a Retiree Buy or Rent a Home?
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.