Planning for retirement

As retirement gets closer, it is important to step up your planning—so you are financially and emotionally prepared for when you stop working. Watch the video here or read the transcription below.


As retirement gets closer, it’s important to step up your planning—so you’re financially and emotionally prepared for when you stop working.

To make sure you’re on track for the retirement you want, it can help to start with a retirement goal and plan. Here are a few important questions to consider:

  • When do you want to retire? Deciding when to retire is a big decision and can come down to a few factors; including the age you can access your super, whether you have enough to retire on, your health, your readiness to stop working, how long you will need to live off your super and how much debt you have.
  • How do you want to live in retirement? Your ideal retirement might be a beach house down the coast, a trip overseas or simply spending more quality time with family and friends.
  • How much will you need in retirement? The amount of money you’ll need in retirement will depend on the retirement lifestyle you want.

What’s a modest lifestyle? Better than the Age Pension – but not much better.

What’s a comfortable lifestyle? Some international travel, private health cover etc.

A comfortable lifestyle is significantly more expensive – but significantly more comfortable.

These are baseline numbers – you may want to target something even more.

Source for above chart: ASFA Retirement Standard, June 2015

See http://www.superannuation.asn.au/resources/retirement-standard

A financial advisor can help you set out your goals, put together a plan and help you achieve your ideal retirement.

To make sure you’re on track for the retirement you want, contact us to book a free initial consultation with a Blueprint Wealth financial advisor today.

 

This video contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning Pty Limited and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact Blueprint Wealth on (08) 9423 0300 if you would like more information.