Retirement planning

Retirement planning is essential if you want to safeguard your accumulated wealth, live comfortably in your later years, have the ability to travel and enjoy a little luxury.

At the risk of being blunt, early retirement planning is crucial for those wanting to position themselves for a comfortable lifestyle during retirement. If you leave retirement planning until it is imminent, there will likely be little scope to use retirement planning as a vehicle to improve your lifestyle in retirement. This may force you to make a number of uncomfortable decisions, such as working longer or reducing your retirement income expectations.

When you begin your retirement planning early, your financial planner can consider your current income and retirement savings, gauge your desired lifestyle and capital requirements for retirement and determine if you are on track. Where it is determined that you are behind your savings goals, your financial planner can help find strategies to boost your savings in the lead-up to retirement.

As your retirement approaches, you may decide to phase into retirement by working shorter hours, changing to a less demanding position or only working during peak times of the year. This is a valid strategy when approaching full retirement, but one which can have unexpected tax implications. As part of your overall retirement planning, your financial planner can create a transition to retirement strategy which minimises your tax obligations while maximising any entitlements you are eligible for – leaving more of your hard-earned savings available for full retirement.

There are also various social security entitlements available for those in retirement. As part of your retirement planning, your financial planner will help navigate you through the complexities of social security legislation, determine what you are entitled to and liaise with Centrelink on your behalf.

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