Why You Need Retirement Advice from a Professional
Research by the Association of Superannuation Funds of Australia (ASFA) found that to live comfortably in retirement, a single retiree needs about $780 per week, while a couple would need $1,060.
Here’s the problem – without the right retirement advice, 68% of Australians will only accumulate enough wealth before retirement to provide a weekly income of less than $300, leaving a shortfall of $480 per week for singles and $460 per week for couples.
Could you survive on $300 per week in retirement?
If you want to live a comfortable retirement, then you need expert retirement planning advice to ensure you maximise your pre-retirement savings, minimise tax and receive your full entitlement to the age pension.
3 Steps To Find Local Retirement Planning Advice
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How A Retirement Adviser Can Help
There are 5 major phases where a retirement advisor can help you plan for retirement. These are:
- Understand Your Current Situation – Your planner gathers information on your current income, expenses, assets and liabilities.
- Identify Your Retirement Goals – When do you want to retire? How much income will you need? Do you want to stop work entirely or transition into retirement? Do you have plans to travel in retirement? What other lump sum expenses will you incur (car, caravan, boat, renovations)?
- Retirement Projections – You retirement specialist can now take your current situation and project forward to see if you can meet your retirement goals and determine if your money will last as long as you.
- Retirement Strategies – If there’s a gap between your current situation and your desired retirement position, you planner can formulate strategies to close the gap.
- Ongoing Review – Regular review ensure you remain on track to meet your retirement goals. Your strategy will be adjusted to reflect changes in legislation or investment performance.
Common Strategies to Plan for Retirement
- Transition To Retirement – Allowing you to reduce your working hours and supplement your income from your superannuation or other retirement savings.
- Retirement Income Sources – Advice the most appropriate way to structure your retirement income using pensions, annuities, lump sum withdrawals, interest income, age pension and employment income.
- Advice For Couples –Strategies to maximise age pension entitlements and superannuation pensions by transferring assets between spouses.
- Maximise Age Pension – A retirement expert can structure your assets to maximise age pension entitlements, or provide eligibility to the Health Care Card.
- Mortgage Versus Superannuation – Should you pay down your mortgage, or put money into super at lower tax rates and withdraw it later to clear your debts? A retirement plan can advise which is best for you.
- Reduce Tax – Minimising the tax on your pre-retirement income, with strategies like salary sacrifice, can boost your retirement savings without impacting your cash-flow.
- Estate Planning – It’s important to consider what happens to your assets when you pass-away.
- Superannuation – Reviewing your superannuation account to ensure you are correctly invested and not paying excess fees.
- Aged Care Planning – Will you need to cover the cost of aged care in the future?
It’s Never Too Early (Or Late) To Plan For Retirement
Retirement strategies have a compounding effect. The more years your retirement adviser has to improve your situation, the bigger the impact they can have on your retirement income.
Unfortunately, most Australian’s will spend more time planning their annual holiday than they do planning their retirement.
While more time is better, it’s never too late to start to plan for retirement, or to get advice after you’ve retired.
Let Us Help You Get The Right Retirement Advice
In the next 3 minutes, we can match you with a local financial planner who specialises in retirement advice.
You’ll get the right advice because all our financial planners have been accredited by the Financial Planning Client Advocate’s (FPCA’s) stringent 8 Step Accreditation Process.
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So what are you waiting for – get started right now by searching for a retirement planning specialist near you.