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How much do I need for a happy retirement? That’s the question every Australian is wondering about as we prepare for our golden years. . In this guide, we’ll explain how much you need and what to do to start financial planning in Newcastle.
Practical Tips on Financial Planning in Newcastle
1. Understand What You Need
The first step to knowing how much money you’ll need to retire is knowing what you want to spend your money on. There’s a correct answer to this question, but it’s highly personal. Maybe you want to travel the world, or maybe you just want to lie in your backyard, catching the rays and sipping piña coladas. Just know that you’ll likely spend more during your first few years of retirement.
2. Have Enough Money for Your Retirement Lifestyle
The next step is to figure out how much money you’ll need to have enough in your bank account to pay for your retirement lifestyle.
For this, you need to consider a few things, like your life expectancy and the age you’ll retire.
3. Have Pre-Planning
Retirement planning is a lot like any other kind of financial planning in Newcastle. The best way to achieve a happy retirement is to sit down, figure out where you’re at and make a plan for the years ahead. That may mean figuring out how to boost your retirement savings so you can retire sooner, or it may mean figuring out how to retire when you want. Either way, the sooner you start planning, the better.
4. Add Extra to Your Super
The most popular way to boost your retirement savings is to add extra money to your superannuation account. There are a few ways you can do this.
One is by contributing extra money to your superannuation. You can do this by simply putting more money into your super fund. Alternatively, you can make a super co-contribution or salary sacrifice. Both of these things allow you to get some extra tax breaks.
5. Re-evaluate Your Portfolio
Another way of boosting your retirement savings is by re-evaluating your portfolio. If you have some money in your investment portfolio, you can consider moving some of those funds into your super fund.
This way, you’ll have one account to keep track of, and you’ll be able to make your money work harder than it would if it was split between super and investment accounts.
6. Cut Some Costs
To boost your retirement savings, you also need to handle your lifestyle costs. This includes things like your bills, your rent or mortgage, and your insurance costs.
To do this, you need to consider how much money you’re spending and ways you can cut those costs. For example, if you’re paying for a gym membership you don’t really use, you may want to cancel that gym membership to save some money.
7. Talk to the Experts
If you’re not sure where to start with your retirement planning, there are plenty of people who can help. A financial planner can help set you up with a detailed plan of how much money you should be saving. This can help you budget for retirement and help you save up for your golden years.
Live Your Golden Years Well
The truth is, you won’t know how much money you need to save until you hit retirement age. That’s because you’re going to change as a person over the years. Maybe you won’t want to travel when you hit retirement. Maybe you’ll have grandchildren and want to travel more. The point is this, retirement is more than just about money. It’s about what you want out of life. Make the most of the time you’re living. Re-evaluate your lifestyle. Save money.
Are you looking for help with financial planning in Newcastle and the Hunter? Newcastle Financial Planning Group can help you out. Get in touch with us.
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.