Most people dream of their first day of retirement – make your dreams come true with Newcastle Financial Planning Group's retirement planning services.
Everyone knows they will need to retire one day, and many of us even dream of retiring early. However, only 44% of Australians over age 40 feel prepared for retirement or have started retirement planning.1
Our team of financial advisers at Newcastle Financial Planning Group are experienced with working with clients to ensure they are retirement ready and can focus on enjoying the wealth they have accumulated and the lifestyle they desire.
The most important step is starting to plan how you can create or continue your ideal lifestyle, whether it be travel, spending time with family and friends, volunteering or just making sure you have enough money to last your lifetime.
Getting started is the first step in building a retirement planning strategy and cultivating a strong relationship with your financial adviser to ensure a smooth transition into your ideal retirement, giving you security and peace of mind to enjoy your life after work.
Find Financial Freedom with Retirement Planning
Financial freedom is achievable with a well-thought-out retirement plan that prioritises your needs and the nest egg you need for now and in the future. To build your individual retirement strategy, NFPG financial planners will consider:
Invest your funds in accordance with your current needs and future retirement goals
Diversify and invest your funds in your personalised investment mix – shares, property, and managed funds are just some of the options available.
How you contribute to your retirement fund and where you contribute into your retirement funds will affect your tax payable – which can greatly impact your income and your retirement nest egg’s final balance.
Understanding Your Retirement Income Options
Understanding your income options in retirement is critical to creating your initial retirement plan and evolving it over time.
When you speak with your financial adviser, they will ask you questions about yourself, your financial situation, and your plans for retirement in order to know you, understand you and create a tailored financial plan that best suits your needs and goals.
Your financial adviser and financial plan can give you the guidance and direction you need when you’re feeling overwhelmed by the planning process for retirement or don’t want to have to worry about how you will fund your retirement.
In addition to your superannuation and retirement investments, your financial plan can help to address concerns such as:
- How much money do you need each month while you’re still working;
- How much money you will need once you stop working;
- How much income tax and capital gains tax you’ll pay upon retirement (this will depend on their salary);
- How tax implications can affect your retirement.
Find out more about your personal retirement options – speak with a Newcastle Financial Planning Adviser.
How Retirement Planning Can Help You
If you want to enjoy retirement with peace of mind knowing there is a strategy to take care of your financial future, book a consultation with Newcastle Financial Planning Group today.
Retirement Planning Newcastle FAQs
If retirement is fast approaching or already here, a financial adviser can help you to:
- Utilise super contribution strategies, should you wish to make any additional personal contributions.
- Create your retirement strategy by preparing for the transition of your Superannuation to an income stream (account-based pension) and investing your funds to reflect your own circumstances and goals.
- Develop a cash flow plan, if you wish to gradually transition into retirement through reducing your work hours.
- Research alternative investment products that may be beneficial to funding your retirement lifestyle outside of Super, e.g. annuities, loans to third parties, property investment options.
- Determine your eligibility for the Centrelink Age Pension or any other additional government concessions that may subsidise your income or reduce your expenses.
- Ensure all ongoing income or lifestyle expenses are coming from your cash reserves over the sale of assets where possible.
The majority of Australians rely on an Age Pension as a source of income in retirement. Unfortunately, as eligibility criteria, payment rates, allowances and government policies continue to evolve, Centrelink can be difficult to navigate.
The expert Retirement Specialists at NFPG can help you understand Centrelink’s Age Pension eligibility criteria. We can work with you to put together a strategy that ensures you are getting the most out of your benefits, whilst also complementing your financial plan and supporting you in the Age Pension application process.
In addition, we will also provide regular reviews so that you can rest assured you are always getting the maximum possible benefits that you are entitled to.
If you are aged 65 or older, have been an Australian resident for at least 10 years, and meet the Means Test, you may be eligible for a government age pension.
Depending on your income and other criteria, you may also be eligible for Centrelink’s Age Pension Supplement (APS). The APS provides additional payments to people who meet certain requirements.
Planning for your retirement is a long-term process, but there are a number of things to consider when looking to transition to retirement.
Health and living arrangements: If you have any health conditions or disabilities that could make it difficult to live independently once you retire, it’s important to plan ahead of time. You may want to consider whether one person should continue providing care as well as what level of support they would need from others in their household (for example, will someone move into the home with them?).
Savings goals: How much money do you want saved at retirement? What financial goals do you want? Do those goals align with other priorities like buying a house or travelling around the world? If so—and if those aren’t already part of your plan—then this is an excellent opportunity for some serious reworking!
Retirement spending plan: Increasing life expectancy combined with the high cost of living puts pressure on many Australians retirees to make their retirement savings last. We understand the frustration and stress this can cause, as 65% of Australians say they worry about money at least monthly, and 52% of Australians say financial issues have affected their mental health. Having a spending plan and understanding where your money is going is a great place to start.
Alternatively, Newcastle Financial Planning Group, we can deliver professional advice and work with you to help you understand where your money is going, and we can help by suggesting strategies which can increase cash flow.