Preparing for Retirement: Five Things to Think About

Enjoying a comfortable retirement lifestyle is the goal many aspire to after years of hard work. However, to have an enjoyable retirement life, you must have a well-thought-out strategy. We’ve compiled a list of five things you need to think about to ensure that you can retire on your terms.

1. What Should I Do to Prepare for Retirement?

Begin by looking at the specifics of your situation and needs. Take a close look at your finances, including what you spend, what you earn, what you own, what you owe, what you have saved, what you have invested, and how you plan to handle your estate.

Clear Any Outstanding Debt

Before you retire, make a goal to pay off all of your debts. This way, you’ll be able to spend your retirement money on other things rather than paying any financial obligation or debt. If you do have debts and are already retired, you must plan how to pay these out.

Shift Your Focus to Conservative Investments

Typically, your assets should be less risky as you get closer to retirement. This is the time to begin moving your assets to more conservative ones. Your aim is no longer to increase your wealth but to preserve it.

2. Are You Prepared to Enter into Retirement?

You must make it a point to retire to something, not from something, to enjoy your retirement. If you have a retirement fantasy that excites and motivates you, one that makes you want to get out of bed in the morning, then MAKE IT A REALITY!

Remember that there are a few things to keep in mind to guarantee that your retirement is what you envisioned.

3. How long do you intend to spend in retirement?

Even if it comes sooner than intended, being free of the constraints of a job is truly liberating. If your retirement lasts an extended period, this might provide a financial challenge. A lot of people between the ages of 55 and 64 underestimate their life expectancy by five years, according to a National Seniors Australia poll in 2015.

Many Australians, on the other hand, retire comfortably. This is because of careful retirement preparation. Among the keys to a good retirement, regardless of the sort of fund you’re in, is a conservative attitude toward saving and maximising superannuation advantages.

4. When Is the Appropriate Time for Retirement?

In most cases, when you desire to retire might be very different from the time that occurs. In a study, more than two-thirds of those who planned to quit their jobs stated they would do so beyond the age of 65. There is, however, a considerable discrepancy between what you anticipate and what happens.

Instead of making a deliberate decision to retire, many individuals are forced to do so by life’s circumstances. As a result of health concerns or job loss, over half of Australians are retiring sooner than expected – the average retirement age in prior years was just under 63.

5. Do You Have a Plan in Place?

We’d prefer not think about it, but we’re all going to die. Having a plan in place can ensure that your assets are passed on to the right individuals promptly.

A well-thought-out estate plan may help your family avoid the high costs of protracted probate or guardianship processes.

Prepare For Your Retirement Today!

As long as you have enough money to live on after employment, you may retire whenever you wish. It is essential to prepare ahead for your finances to ensure a safe and enjoyable retirement experience. To ensure that your retirement plan is adequate for your objectives and that your family is protected in the case of your death, you may require retirement advice from a variety of specialists.

As a result, seek expert retirement guidance. To help you plan your retirement, our expert financial advisers are on hand to assist in the process. When it comes to retirement planning, it’s a good idea to consult with a professional.

If you need assistance with retirement planning in Newcastle, we can assist you. Newcastle Financial Planning Group can make sure that your retirement is spent doing whatever you want, wherever you want, and with whoever you want. Visit our website to learn more.

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.