Things to Consider Before Retirement
Retirement should be a time to be free of financial stress. Most of us dream about the day when we can finally stop work and do the things we’ve never had time for. It’s important that you plan for retirement well.
These are key points that should be part of every retiree’s planning process:
Put it all in the table
In retirement, your income requirements are effectively the same as your expenditure. This doesn’t mean that your earnings need to match your expenditure but rather, that your total cash flow needs to match your expenditure.
Consider using Online Calculators
There are some free online calculators that are ok. Most of these are not robust enough to capture the detail that will give you enough comfort to feel like you can retire with the peace of mind most retirees want, knowing they have enough put aside to live the rest of their lives and this is why people seek advice.
Use our retirement calculator: https://retirementservicesaustralia.com.au/retirement-calculator
Compare product and service providers
We recently compared over 10,000 managed investments that exist in Australia. We compared fees, performance and many other variables. Don’t assume that because you’ve been with a product for a long time that it’s right for you or that the investment options you are in today are right for you in retirement.
Check Government Support
Check how much you may be entitled to receive from Centrelink in the form of an aged pension. Seriously, a couple who get a full aged pension are entitled to over $35,000 a year from the Australian Government.
Decide where and how you want to live in retirement
Do you want to live where you are now for the rest of your life? Some people plan to downsize, some people move to the water, commonly known as a sea change, others move to the country, this is called a tree change, there are those who will move where their family moves and others that are perfectly happy staying put.
Talk to a Professional
We researched a little while back the value of individuals getting professional advice, primarily to see if there was any evidence of value. Here is a summary of our findings.
To put your toe in the water with the professional advice you may want to attend seminars or online webinars, you could consider our services. Finding a good advisor can be a little tricky because whilst most retirees have common needs, there are many different personal preferences so it’s important to consider carefully what you want from an adviser.
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For retirement services, visit our website: http://retirementservicesaustralia.com.au
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