It's never too early to start preparing for your retirement. Ensuring you can live out retirement on your terms takes careful planning. Get financial planner advice that will help you to achieve this by learning more about the lifestyle you want to maintain and mapping out a strategy to optimise your assets and make this a reality.
Are you in the process of planning for your life after retirement? Check out this retirement planning checklist and learn how you can get started:
The first step in the transition to retirement can feel intimidating. So how do you start your retirement plan? The journey to a secure retirement starts with a well-structured plan tailored to your unique goals. This is your opportunity to spend some time establishing clear and achievable goals. What do you want your retirement to look like? How will you spend your days in this phase of your life? What are your 'nice to haves' and what are your 'non-negotiables'? Defining these objectives provides the foundation upon which your entire retirement plan will be built.
Now you've started planning, ask how this new lifestyle compares with things right now? Comparing your desired retirement lifestyle and financial needs against your current situation is a healthy way to understand any required changes in your priorities. This will help you to be better prepared and confirm that your retirement ambitions are realistic.
Confidence in retirment comes from the knowledge that you have enough money to comfortably fund all expenses - both now and in the future. If you haven't already, compile a budget which determines your expenses. Be exhaustive in this process - as we are likely modelling these expenses fo many years and small inaccuracies now will create loarge inaccuracies over your retirement lifetime. If you'd like a copy of the comprehensive budget planner we offer to our members, click here (link needed).Once you've confirmed your expenses today, start adjusting these numbers in line with your retirement plan. Perhaps you need to add a higher figure in the travel section, or reduce your public transport budget now you won't be commuting to the office each day?
To ensure a stable retirement income, calculate your anticipated retirement income options precisely, taking into account all potential sources including rental income, dividends, pension or interest payments. Pay particular attention to whether your expected income is sufficient to meet the retirement expenses you've just calculated.
If your income does not match up with your ongoing expenses, we need to assess whether your retirement assets including superannuation are optimally set up to support this need. It can be beneficial to get financial advice here, but if going solo, examine all strategies available and carefully select those that best suit your financial goals to enhance your regular income and reinforce your overall financial stability for the future.
Retirement debt is a drain on the income you've worked so hard to establish. Effectively managing and reducing your debts is essential for a stress-free retirement. It can be hard to know whether to clear or maintain debt as a retiree - especially when that debt relates to an income producing asset such as an investment property. Our advice will help you navigate this process, ensuring financial security during your retirement years.
Secure your legacy by creating a comprehensive estate plan that ensures your assets are distributed according to your wishes, and meeting all legal requirements. This process can have the added benefit of simplifying a difficult process for your spouse or beneficiaries, at a time where they are mourning.
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From retirement planning advice boosting your savings account to purchasing a property, give your financial future the best chance of success when you seek financial advice from Northeast Wealth.
While it can be profitable, building a portfolio of assets can be daunting. Northeast Wealth can provide guided expertise and recommendations on how to get the most out of your money.
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No matter your retirement strategy, Northeast Wealth can provide tailored and practical advice to maximise your retirement savings.
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The journey to a secure retirement begins with a well-structured plan tailored to your unique goals. Start by defining your retirement objectives and aspirations, providing the foundation for your entire retirement plan.
Consider your current lifestyle, financial situation, desired retirement lifestyle, and prioritize accordingly. Accurately calculate your expected retirement income and living expenses to create a roadmap that aligns your financial resources with your future aspirations.
Your superannuation income depends on your contributions, investment returns, and chosen retirement income stream. You can use superannuation calculators to estimate potential income from your super account.
Yes, addressing debts is crucial for stress-free retirement planning. Our team will guide you in managing and reducing your debt effectively.
Age pension payments are government-provided financial assistance for eligible retirees, including the account-based pension. These payments aim to support seniors in maintaining a reasonable standard of living during their retirement years.
Common strategies include setting clear retirement goals, creating a budget, maximizing your super fund, investing wisely, diversifying your portfolio, reducing debt, and considering downsizing.
In Australia, bolstering retirement income hinges largely on effective management of superannuation. Individuals can maximise their retirement savings by taking advantage of both concessional and non-concessional contributions, often through salary sacrificing.
Beyond superannuation, diversification in assets like real estate and dividend-paying shares is key. Investing in properties can yield rental income, while stable Australian companies might offer consistent dividends.
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