When it comes to planning for your future, there’s no better day to start than right now. If you want to be financially comfortable and live stress-free during retirement, it’s important for you to take the time to plan ahead and understand the right financial strategies to help you achieve your dream retirement.
4 Tips to Help You Get Your Retirement Plans on Track Today
1. Figure Out How Much You Need to Have a Secure Retirement
Do you know how much your desired retirement lifestyle will cost? Before you can plan for your retirement, you may want to figure out what you want to spend your time doing as a retiree.
To plan your retirement well, consider the following questions:
- Do you want to travel, and what will that look like?
- Do you want to buy a new home, or downsize to reduce maintenance?
- Do you want your current lifestyle to continue once retired?
It is vital to understand how much money you will need, leading up to and during your retirement, so you can have an idea of how much you will need to plan your ideal retirement.
A financial adviser can provide you with a personalised retirement plan, focused on helping you achieve your dream retirement.
2. Consider Making Extra Contributions to Your Super
Once you have a good idea of what your ideal retirement looks like, you can start implementing financial strategies to help get you on track to meet your expectations.
It’s important to plan ahead for your retirement, so you don’t miss out on valuable long-term financial strategies. This may include making voluntary super contributions, as well as adjusting your super investment to a more growth-focused strategy. It’s also wise to check if your super fund is providing the financial performance you need to fund your future lifestyle.
By making voluntary super contributions as early as possible, you can benefit from the power of compounding interest and maximise your retirement savings for the future, lower returns lessons the compounding effect and reduces your retirement outcome!
Check out our FREE guide to Super Contributions and how they could benefit you: ‘A Guide to Superannuation Contributions’.
You need to know you’re doing the right thing with your superannuation and investments before and during retirement. The guidance of a trusted financial adviser can help you develop a strategy tailored to your needs and financial objectives.
3. Understand All Your Income Options For Retirement
You may want to retire now, but there are many things to consider before you do so. You should know the status of your finances, the amount of money you have in your retirement savings and whether additional income sources may be required to fund your ideal retirement. You don’t want to retire and wish you had done things differently, hindsight is a wonderful thing!
Here are some options you may want to consider to provide you with additional options during your retirement:
- Age Pension & Centrelink Entitlements: You may be eligible to receive Centrelink benefits or the Age Pension to supplement your income and reduce expenses, in retirement. Keep in mind, the eligibility criteria and payment rates can change over time. A trusted financial adviser understands all strategies, ensuring you can tap into as many entitlements as possible, ensuring you receive the correct amounts, to reduce the reliance and drawings on your own assets.
- Investing in Annuities: Annuities provide a regular guaranteed income regardless of how share markets perform, they can provide diversity as part of your overall retirement structure, as long as you are buying them for the right reasons and they are a good fit with your financial goals. Some annuities can also provide Centrelink advantages and should be discussed with a trusted financial adviser.
- Cash Investments: With interest rates at all-time lows, the advantages of savings accounts or term deposits are quite low, but still have their place as part of an overall retirement strategy. But, be careful of hoarding cash as this could be detrimental to your retirement plans. A well thought out retirement plan will encompass a number of options to diversify your retirement strategy and reduce risk.
Outside of your superannuation fund, it can be difficult to know the right financial strategies and investment solutions for your retirement. Prominent Financial Services can help you create a holistic, reliable income strategy and give you peace of mind that you will have enough money to last throughout your retirement years.
4. Get Expert Advice for the Best Retirement Outcome
When you have all of your financial plans laid out, you can start considering a retirement date. Do you want to retire early – is this financially realistic? Do you want to ensure you have enough funds to do all the things in retirement you dreamed about? Anything is possible with the right plan in place.
Finding a trusted financial advice professional, who can work with you, to design a solid financial strategy is crucial. A trusted retirement specialist can offer you advice on how to best invest your money to achieve your individual and unique objectives to build the best retirement outcome for your ideal future.
Christine Swanson, a Retirement Specialist in Adelaide, can provide you with tailored financial solutions, to enable you to feel confident that you are on the right path to achieving financial freedom during your golden years!
Start planning for your retirement today. Early preparation provides the best outcomes and avoids the stress of leaving it to the last minute!
The team at Prominent Financial Services will inform you of all your options when it comes to transitioning to retirement. They can provide you with a tailored retirement plan and guide you through the best strategies to grow your retirement savings to secure your financial future.
Are you looking for help with retirement planning in Adelaide?
Let us help you plan your retirement here at Prominent Financial Services. We specialise in financial advice in Adelaide and are passionate about helping people achieve financial success by making smart financial decisions.
Book a complimentary meeting today!
