Today, with Australians living longer and healthier lives, the concept of retirement is very different to what it was only one generation ago. Not only that, but for each retiree, retirement is different.
When planning your retirement, there are typically four areas that need to be considered.
1. Define your retirement vision
Everyone has a different view of what retirement means and what their own retirement may look like. What’s yours? Understanding what’s important to you is an essential factor that not only helps clarify your outlook on retirement but it also ensures your financial adviser can recommend appropriate retirement income strategies.
2. Understand your cash flow requirements
Retirement is about cash flow and ensuring you have the regular income to meet your basic daily needs. An adviser can help you define your basic spending needs and show you how they will be met in later years.3
3. Clarify your lifestyle goals
It’s important that you clearly convey your lifestyle goals and objectives to your adviser. This also includes understanding which of your goals are a ‘must have’ and which are more flexible, should trade-offs be required.
4. Estate planning
Testamentary intentions are also considerations for retirement planning. While it’s important that your retirement plan aligns with your intentions, the appropriate professional advice will also help you consider the provision of income and distribution of assets in accordance with your wishes.
Remember, preparing for a comfortable retirement shouldn’t be as hard as you think.
If you would like more information, please contact our Financial Advisors, Mark O’Connell or Robin Bell on 02 8978 3761. Alternatively click on the express interest button on this article and we will be in touch.
Mark O’Connell, Robin Bell and Allan Hall Financial Planning Pty Ltd, are Authorised Representatives of Consultum Financial Advisers Pty Ltd. ABN 65 006 373 995, AFSL 230323
This article has been authorised by Consultum Financial Advisers Pty Ltd (Consultum) | ABN 65 006 373 995 | AFSL 230323. The information in the article contains factual information and general financial product advice only. It has been prepared without taking into account any person’s individual investment objectives, financial situation or particular needs. A person should not act on the information in this article without first talking to a financial adviser. This information is given in good faith based on information believed to be accurate and reliable at the time of publication, including the continuance of present laws and Consultum’s interpretation of them. Consultum does not undertake to notify recipients of changes in the law or its interpretation. Forecasts and other representations about future matters are based on economic and other factors. These factors can change and this can affect the future outcomes. This article contains some general tax information. While your Consultum financial adviser can advise you on the tax implications of any recommended strategy, we are not accountants or tax advisers and are unable to provide tax advice as such. We therefore recommend you consult your accountant to ensure that you understand the tax implications for you of any recommended strategies. While all care has been taken in preparing this article, Consultum gives no warranty of accuracy or reliability, accepts no responsibility for any errors or omissions, including by reason of negligence, and shall not be liable for any loss or damage whether direct, indirect or consequential arising out of, or in connection with, any use of, or reliance on, the information contained in this article.