Whether retirement is a far-off dream, or already a reality whatever your situation or your plans, there are some retirement financial planning tactics that you can use to stay on the front foot and end up with enough to be comfortable.
Managing your finances and retirement financial planning can be hard work even if you have some financial knowledge. Ask for financial advice if you need help with investment strategies and to navigate our complex tax system. Ask your adviser to explain different investment strategies, the level of risk involved and the potential returns you can expect.
When we’re young we don’t tend to think much about super – it’s a ‘later’ thing, right? But it’s actually never too soon to get super savvy. That means being aware of how much you are contributing, and how your money is being invested.
You may have a few different super funds. Getting these consolidated is the first way to make your super work harder. After all, multiple super funds mean multiple sets of fees and charges, and no one wants that.
Once you’ve got all your super together, you can decide where you want to put it. Pick a fund that offers you value for money and the features you actually need. From there, you can just continue making contributions and watch your balance grow.
Super is a particularly efficient retirement savings vehicle, but it’s not the be-all and end-all. You might want to look at other ways to generate an income throughout your retirement – for example, listed property funds, shares or cash deposits. Some people prefer to diversify their investments, as it can help to protect wealth at times when one specific asset class is underperforming. It’s worth checking to see what options your super fund offers you to help you diversify your investment portfolio within supertoo.
Other ways to keep the money coming in post-retirement could include selling the family home or getting a reverse mortgage. If you’re rattling around in a big place you no longer need, downsizing may help you access cash to invest in other ways or fund your lifestyle as part of retirement financial planning. Just a note on downsizing though: it can incur additional costs and affect your eligibility for potential government benefits and in addition, there can certain tax consequences.
Planning for your retirement can often be an overwhelming mixture of excitement and fear.
One of the primary reasons that people engage a financial planner is to know if, and when, they can retire. Easdowns Financial Services will work with you to create a plan that maximises your wealth and gives you knowledge and confidence in your retirement outcomes.
If you would like to secure your retirement with Easdowns Financial Services, please don’t hesitate to give us a call on (02) 6921 2058, or alternatively, email us at financialservices@easdowns.com.au. We can then organise a free meeting with one of our professional advisers.
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