Australians are living longer thanks to advances in medicine and all evidence suggests that this trend will only continue. The proposition that some of us will out live our savings is not at all unrealistic.
One thing is almost certain – you will be relying on your retirement savings for financial peace of mind to enjoy your retirement years. The years between now and retirement are critical for generating enough income to build your retirement savings or to top up your superannuation to obtain your retirement goals and lifestyle.
There are a range of issues you need to consider when planning for your retirement, including taxation, protection of your wealth and assets as well as how to structure your investments and make the right investment decisions.
- How much will you need to retire?
- Can you afford to retire early?
- What can you do now to prepare for the retirement you desire?
- Is there a gap in your retirement savings?
- How and when will you be able to access your super?
The key is to plan ahead.
Planning ahead helps you make the most of the opportunities that are available now and help you achieve financial security, reduce uncertainty and utilmately enjoy your retirement.
The great news is that if you have already reached your preservation age you can use a transition to retirement pension to access your superannuation as a non-commutable income stream while you are still working. This may be particularly attractive if you have reduced your working hours and need to top-up your income to maintain your standard of living.
How can Nexia Help?
At Nexia we can help answer all of your retirement planning questions and explain how decisions now can impact your long term financial position. Then, together, we help you explore and clearly understand your options to achieve a secure and enjoyable retirement.
Retirement planning is an area where good financial advice now can make all the difference in years to come.
Get in touch below for a free initial consultation with a Nexia Financial Advisor to determine the sort of retirement you can comfortably afford, how to invest for your needs and the best way to put your superannuation savings to work.