The ultimate goal is to know that you will have enough to support your desired lifestyle in retirement. Because everyone’s circumstances are so unique, it is almost impossible to just use a calculator to work this out or baseline your likely success against that of others.You can stay engaged with your progress via the R&R Wealth Portal.
R&R Wealth Solutions know the following goals are key to planning a successful retirement:
- Review your lifestyle and spending requirements to find out how much income you need
- Identifying your desired retirement age and will you fully or partially retire initially?
- Do you want to leave any of your retirement money to potential beneficiaries?
- Is there longevity in your family? Are you likely to live longer than the average person?
Next it is important to discuss your willingness to make changes if required, such as:
- Accept more or less risks with your investments to meet your retirement goals?
- Would you consider working for longer in order to fund your desired lifestyle in retirement?
- Would you consider spending less in retirement?
Funding retirement does often does not consist just of wealth in superannuation but may involve other assets such as investment properties, shares, business income or sale and cash. It is important to ensure that all your assets are going to help in achieving your retirement goals.
Strategic planning is never more important than when you are about to retire or have just retired, as this is the biggest life transition since joining the workforce. Without advice you are unlikely to ensure that you minimise tax and maximise your retirement wealth.
If you are already retired the focus of advice tends to shift to:
- strategic changes to handle the government’s constant legislative changes
- investment strategies to assist in preserving your wealth whist drawing down on it
- funding a comfortable lifestyle through sufficient income sources
- maximising access to government benefits
- estate planning
Contact us to discuss further or arrange a meeting.