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Expert Retirement Planning Advice for Australians

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.

How to Start Planning for Retirement Today

Financial Advice for Women

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:

1. Start your retirement plan.

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.

2. Consider your current lifestyle and priorities.

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.

3. Get clear on your expenses.

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?

4. Work out your retirement income and living costs.

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.

5. Grow your income.

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.

6. Pay off your debt.

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.

7. Make an estate plan

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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For several years, we've helped countless Australians move in the right direction with their finances. From investment planning to protecting your retirement fund, Northeast Wealth takes the time to get to know you and your goals, so we can ensure you achieve financial success. 

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We're fully committed to your success. Our dedication means we're fully invested in helping you accomplish the significant financial goals you've established for yourself.

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We are experienced at studying your financial life and making sure all government benefits and your hard-earned dollars go to work for you and your family.

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Strategic Financial Advice

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.

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Investment Management

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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Tax Minimisation

Understanding your tax obligations can take time and effort. We can help you navigate through your tax responsibilities and minimise your expenses.

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Superannuation & SMSF

No matter your retirement strategy, Northeast Wealth can provide tailored and practical advice to maximise your retirement savings.

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Personal & Business Insurance

As a business owner, you know protecting your assets is a priority and not just one of our individual preferences. Northeast Wealth can help you implement the right insurance and protections to preserve your most valuable assets.

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Cash Flow Management

With the rising cost of living, everyone could benefit by learning practical cash flow management skills. Our experienced team can pass on incredible money management skills that you'll use for years to come.

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Financial Behavioral Coaching

Need a little help getting your finances back on track? Northeast Wealth can equip you with the skills to unlock your full potential with money management.

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Debt Reduction Service

Don't let debt hold you back from achieving your financial goals. The passionate team at Northeast Wealth can create a debt reduction plan to help you kick debt to the curb once and for all.

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Asset Structuring

Know your assets and investments are protected against potential risk by enlisting the help of Northeast Wealth. We can prepare documents and contracts that keep your assets secure.

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Employee Share Schemes

Rewarding your employees for their efforts with profitable shares is a great way to improve company morale. We can help run your employee share scheme to ensure success.

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Financial Project Management

Managing major assets requires a team of experts to maximise its profits. The team at Northeast Wealth can put you in touch with the right professionals to help you meet your goals.

Start your journey with us today.

Get your finances back on track, get to where you want to be and make the most of the journey along the way. Book a chat with Northeast Wealth today and discover how rewarding financial planning can be with the right help.

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Frequently Asked Questions

How do I start planning for retirement today?

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.

What factors should I consider in retirement planning?

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.

How much income can I expect from my superannuation?

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.

Is it essential to address debts in retirement planning?

Yes, addressing debts is crucial for stress-free retirement planning. Our team will guide you in managing and reducing your debt effectively.

What are age pension payments?

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.

What are some common retirement planning strategies?

Common strategies include setting clear retirement goals, creating a budget, maximizing your super fund, investing wisely, diversifying your portfolio, reducing debt, and considering downsizing.

How can I increase my retirement income?

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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