Preparing for Retirement
Many of us have been dreaming about this exciting time and by taking an educated approach to your retirement planning, you can improve the likelihood of achieving your desired future.
Firstly, retirement may last longer than you think. With increasing life expectancies, you now need to plan for a longer period. Therefore, the earlier you start considering your retirement options, the more control you will have over your later years.
Everyone’s idea of the future is different – some people may be hoping for regular overseas holidays or would love to caravan around Australia, while others would like to spend their time with grandchildren or perhaps volunteering.
A little planning can go a long way in helping you achieve your ideal retirement.
Superannuation is important
Superannuation is one of the most tax effective strategies that is designed to help you plan for retirement. There are various superannuation strategies that may be appropriate for you, depending on your age and eligibility.
Consider the following to help you prepare for retirement:
- When would you like to retire?
- How many years of retirement do you need to provide for?
- What are your objectives in retirement?
- How much income will you need for the lifestyle you require?
- How much superannuation will you need to have accumulated to provide the retirement income you desire?
- Do you have any dependents who will require ongoing financial support?
Of course, you don’t need to fully retire, you can continue work whilst drawing some of your superannuation balances in certain circumstances using a “Transition to Retirement” strategy. Revolution Financial Advisers can assist you to identify these circumstances and provide advice in relation to this strategy.