Longer life expectancies mean you could spend 10, 20, even 30 years in retirement, so it’s definitely a stage of life worth planning for. The earlier you start laying foundations the better, but with financial advice it can be possible to enjoy a quality retirement even if you’ve left your run a little late.
How much do you need in retirement?
Retirement calculators can be very handy to understand how much you’re likely to need in retirement – and the sort of super savings you will have accumulated by the time you exit the workforce.
However, online calculators are no substitute for tailored advice, which will help you decide the sort of annual income you need based on your retirement goals, and how you can achieve this.
What if I don’t have enough?
We can offer advice on ways to fast track your super savings, and how to use other investments you may have, including home equity, to maximise your income in retirement.
We can also determine your eligibility for any government support. Receiving even a small sum from the age pension can allow you to access a range of money-saving discounts across household living costs.
The key is to speak with us at an early stage so that we can help you put plans in place to maximise the quality of your senior years.
A change of circumstances can see a shift in plans
Life has a habit of delivering curve balls, and sometimes the best laid plans can go astray if you experience a major life change such as separation and divorce.
If you find yourself at the cross roads of a new chapter in your life, financial advice can be the essential ingredient that helps you get back on track financially.
Managing a windfall
Over the years ahead, many Australians will receive a windfall gain – often an inheritance or a lump sum received from the sale of a business or other major asset.
Large sums of cash can easily slip through our fingers, so it is critical to think very carefully about how you put any windfalls to work. What you do with the money can shape your future, with the potential to provide lasting financial security.
Your Mortgage Choice financial adviser can provide a range of tailored options to help you manage your money better – from an unexpected sum of cash, through to your accumulated superannuation savings.
With a whole range of issues to weigh up including the impact of tax, investment returns and your future cash needs, good advice can be the key to achieving the plans you have in mind for retirement.