How to Effectively Boost Your Retirement Income

After working hard for so many years trying to accumulate a decent amount of savings, it is quite understandable why many retirees are reluctant to splurge on luxury items like holidays and hobbies in their golden years.

But, at Newcastle Financial Planning Group, we believe that everyone deserves to enjoy their retirement with no limitations. 

While there are always going to be the regular living costs you will have to plan for – such as healthcare, living, and aged care – it’s just as important to financially plan for a comfortable and fun retirement as well. 

This is where proper retirement planning comes into the picture. 

With so many financial options available, your options are seemingly endless if you want to make sure that you protect the wealth you amass throughout your working years. 

As early as now, you need to effectively plan your retirement and ensure you make the right choices and financial decisions to ensure financial security after you retire.

Your dream retirement lifestyle is so important and essential to carefully plan for. So how do you make sure that you don’t have to worry about running out of money in your retirement?

Boosting Your Retirement Income

To truly have financial freedom when you retire, it pays to know how to boost your retirement income. Doing this will help you avoid being sparing with your money and allow you to spend on the things you want without feeling guilty or stressed. 

Start Boosting Your Super Early in Life

It is never too soon to start looking after your superannuation. The earlier you start making smart, informed financial decisions, the more opportunities you will have to secure your dream retirement lifestyle.

By starting early, your super becomes a long–term investment meaning you have more flexibility and opportunities to grow your money. Plus, you can consider making a number of voluntary superannuation contributions such as salary sacrificing.

Your super is there to fund your retirement so you may as well use it and do the best things for your future!

Put Reliable Investments in Place

Most retirees will have more than their super to fund their retirement. They will usually have other investments, which are also referred to as the Three Pillars of Retirement. You may have the option of withdrawing more than the recommended amount to maximize your retirement. However, if you need more funds, the answer may lie in your nest egg itself. 

Tap into Your Housing Wealth

Housing wealth is one of the reasons that some Australian retirees can live the retirement they want. 

As housing prices continue to rise exponentially, retirees can feel positive that they have another large asset capable of funding their dream retirement.

The average household wealth among Australian retirees is around $1.4 million. 

However, if you are living in this home, you don’t have access to this huge amount of wealth until the property is sold. Many retirees live in homes that are too big for them while lacking more liquid funds to be able to enjoy their retirement to the fullest. Some may make the decision to sell the family home, purchase a smaller, cheaper property, and contribute the difference in superannuation (see downsizer contribution) or another investment vehicle.

Ready to Boost Your Retirement Income?

The financial planners at NFPG can help. 

Even if you are not near retirement age yet, it pays to start planning for your retirement early. Making the right financial decisions and taking your financial goals into account will help you take the necessary steps to make sure that those goals will be met in the long run. 

Want to learn more tips to retire debt-free? Check out these interesting blogs! 

• What to Do If You’ve Lost Your Job Before Retirement
• Will you have enough income in retirement?
• Retirement – How to avoid the five of the biggest mistakes and retire on your terms

If you want to make sure that you are taking the proper steps toward achieving your financial goals after retirement, work with the financial professionals at Newcastle Financial Planning Group.  We can help build personalised financial planning strategies to ensure your future success.  Book a meeting and let us help you with retirement planning and aged care financial advice today! We have offices located in The Junction (NFPG), Erina (CCFPG), and Sydney CBD (SWA).