While retirement might still be some years off, your children are almost grown and you want to make sure that when it comes time to retire you’re in a comfortable position. You may be thinking if you can start to work less and begin the process of transitioning out of the workforce. Or perhaps you’re an empty nester looking to work out when you can afford to retire.

The period leading up to retirement is very important from a financial perspective. As there are decisions that need to be made that can really alter the direction of what your retirement would look like. These decisions can focus on whether you pay off your mortgage or contribute more to superannuation. What your risk profile looks like and whether you should consider downsizing.

Pre-retirement planning and advice to set you up for a comfortable retirement

Everyone’s idea of what a comfortable retirement looks like is different. That’s why our financial planners take the time to get to know your unique circumstance and goals so you can achieve the lifestyle you want. We’ll identify what you want retirement to look like and what level of income you’ll need to fund the lifestyle you have in mind.

Once we’ve worked out what that looks like, we develop a roadmap on how to get there. This can include strategies to boost your superannuation, decrease your tax and manage your debts in an efficient manner. Ensuring we put a pre-retirement plan in place to maximise the probability of you achieving your goals.

How pre-retirement planning can help

With 20 or more years of retirement ahead of you, your priorities will depend on how well you’ve prepared. You might be focused on:

debt elimination

helping your children

retirement planning

growing your superannuation

reviewing your personal insurances

business exit strategy

having your estate planning in order including wills and trusts

financial advisor

Will you have enough superannuation to retire?

In the most recent retirement intentions research by the Australian Bureau of Statistics, of the 4.9 million people aged 45 and over, nearly 80% intended to retire in the future. The others either hadn’t made up their minds or said they wouldn’t retire. Of the nearly 80%:

  • 50% intend to retire between 65 and 69
  • 23% to retire between 60 and 64
  • 7% to retire between 45 and 59

But many people who are looking to retire rely on the age pension to help them fund their retirement. As of December 2018, 45% of older Australians were on an aged pension and 25% of this age group were on a full pension. This is a considerable amount of people and a worrying number as the population continues to age.

Between the ages of 50-54, the Association of Superannuation Funds of Australia says the average super balance is $172,126 for men and $99,520 for women.

For ages 55-59 that moves up to $237,022 and $123,642 respectively. At 60-64 the numbers are $270,710 for men and $157,049 for women.

So you can see the age you plan to retire and how you decide to go about your transition to retirement can have a considerable impact on your superannuation balance.

When you work with us to prepare a pre-retirement plan, we’ll take all of these factors into account to work out the best path forward to ensure a happy retirement is within your reach.

We’re by your side to bring you the right retirement planning advice

Initially you’ll meet one of our financial advisers and we’ll work through our proven financial planning process. Through this process you’ll:

Gain a clear understanding of your current position and any current roadblocks

Discuss your financial and lifestyle goals

Work through the range of financial options and strategies available to you to help you achieve your goals

This may lead to a financial plan which would include the following:

Ensuring superannuation strategies are maximised

Maximising your super contributions, and considering whether to set-up an SMSF, whilst factoring in a realistic transition to retirement pension.

Develop a clear wealth focus as you approach retirement

We’ll help you make the most of superannuation strategies as well as leveraging property and share investments.

Protecting your family

No matter how much planning we do, the unexpected can occur. We’ll work with you to ensure you have adequate insurance protection to keep your family and assets safe.

Getting your tax under control

Potentially prepaying any interest while maximising the advantage of super deductions and other strategies.

Book your Free Consultation Today!

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