It’s fair to say that everyone dreams of having a comfortable retirement someday. The thing is, a comfortable retirement means different things to each individual.
The earlier you plan for your dream retirement, the greater the chance of realising your goals. Mapping out your retirement goals (and the financial strategies to help get you there) is an integral part of the retirement planning process.
To help get you started with your roadmap to securing your financial future, here are some financial tips for achieving your dream retirement.
Achieve Your Ideal Retirement With These Financial Tips
1. Develop a Budget for Your Ideal Retirement
Including a budget within your financial plan, is a great start to getting you on track to gaining financial security for your retirement.
Your budget should include all of your household and personal expenses, to help you analyse how much money you need to direct into everyday spending and major household bills.
It will also provide you with a surplus amount. You can then direct the surplus amount into reducing your debts quicker and for longer-term financial planning. Separating your income into different accounts to fund various expenses may also help you stick to a long-term savings strategy.
Having a cash flow management system that’s easy for you to follow and keeps you on track with your financial management is crucial – especially if you want to achieve your dream retirement.
2. Consider Consulting a Financial Advisor With Retirement Planning
You may want to consider consulting an experienced retirement planner who can provide you with personal financial advice tailored to your goals. Since retirement planning is a crucial step to securing a comfortable retirement, seeking an expert to get you on the right track may be the best place to start.
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!
3. Grow your Retirement Savings
If you want to have a fruitful retirement, then you should never forget the importance of saving money for the future. Reviewing your superannuation fund may be the best place for you to start. Checking how your super is being invested and if your savings are on track to funding your retirement is an important activity to do regularly.
Learn more about growing your retirement savings by checking out our blog: 4 Tips for Successful Retirement Planning.
4. Start Early and Invest Wisely
One of the best things that you can do when planning for retirement is to start early. As with any financial goal, if you have a head start, you have more time to make changes and adjustments if you feel that you are not on track to achieving your dream retirement in the current trajectory you are going through.
That said, this tip also requires you to apply a certain level of balance to your goals.
Investing in a high-growth portfolio strategy may be too risky if you are close to reaching your retirement years. However, if you are years away from reaching the end of your working years, then a high-risk portfolio may provide you with the nest egg you need.
5. Consider Downsizing Your Home
If you are aiming for a dream retirement, it may be worthwhile to consider downsizing your home and using the superannuation downsizer contribution.
This is a great way to save money as it will boost your super balance considerably. If you are already making extra contributions to your super then it’s important to note that by making a downsizer contribution you don’t have to worry about exceeding your concessional or non-concessional contribution caps as this is exempt from the standard. contribution caps.
The downsizer contribution cap is:
- $300,000 for a single person
- $600,000 for a couple
Check out if you’re eligible to make a downsizer contribution to your superannuation here.
The ideal retirement destination is where you can enjoy your life to the fullest and where you can still make the most out of it.
Get Started On Your Retirement Plan Today with Financial Advisers from Adelaide
No matter what situation you are in, your unique goals will define your financial strategies and your financial plan. What is more, studies have shown that financial advice helps people reach their goals in life.
4 in 5 Australians who receive advice say they have been able to achieve their financial goals with the help of that advice 1 ”
An ideal retirement plan is about having a goal to live a comfortable and happy life with your family. That includes having to start early and maximising your savings.
Life is too short to leave your financial security to chance. Starting planning for your retirement early is the best move you can make to secure your future.
Prominent Financial Services can help you achieve financial success with the help of our retirement financial planner. We will make sure you live through your retirement years the best way possible.
Contact us today to see how we can help!
References:
- https://www.fidelity.com.au/insights/investment-articles/the-value-of-advice/
