First, we need to get to know you. It’s not just about your financial numbers—though we will certainly dive into your savings, debts, and income—it’s about your life and what you want from the future. Are you dreaming of traveling the world? Or perhaps you want to buy a vacation home or downsize your current place? What do you envision your retirement to feel like?
Let’s take Julie, for example. Julie’s in her early 50s, still working full time, and she wants to retire at 62. She’s got a solid superannuation balance and a mortgage that’s almost paid off. Julie’s main goal is to maintain her lifestyle in retirement without compromising on the things she loves to do, like traveling and spending time with family. By understanding her lifestyle preferences and financial situation, we can create a strategy that aligns with her goals.
Once we know where you’re starting from, the next step is projecting what your future might look like. Think of it as mapping out a road trip—you need to know the distance, how much gas you’ll need, and the possible detours along the way.
We use tools to help forecast your retirement income, factoring in things like expected inflation, your lifestyle choices, and how long you might live. For example, Bob, who’s 58, wants to retire at 65. Using a retirement calculator, we can predict how much money he’ll need to have saved to cover his living expenses, healthcare, and even some fun extras. We’ll also account for unexpected changes like market fluctuations or personal expenses.
For most Australians, superannuation is one of the key pillars of retirement planning. But it’s not just about putting money in and hoping for the best. We can make your super work harder by using tax-efficient strategies, like salary sacrifice, which allows you to contribute more to your super and reduce your taxable income.
Let’s talk about Liz. At 56, she’s decided to start contributing more to her super through salary sacrifice. This will reduce her current tax burden and help her boost her savings for retirement. We can also look at how her super is invested—whether she’s comfortable with the risk and whether her portfolio needs an overhaul to match her goals.
Additionally, investing in a mix of assets like stocks, bonds, and even property can help diversify your portfolio and reduce risks. We will adjust your strategy based on your comfort level with risk and the time you have left before retirement.
One of the biggest questions we have when planning for retirement is: “How will I generate income once I stop working?” The good news is that there are plenty of ways to build an income stream, and it doesn’t all have to come from your super.
For example, Peter, 59, has some rental properties and is looking to rely on rental income alongside his super in retirement. He’s also considering other income sources, like dividend-paying stocks or even part-time consulting work. By combining these income streams, he can create a more stable and predictable cash flow for his retirement years.
As you approach retirement, it’s important to consider how long you might need your retirement savings to last—and how healthcare will fit into that plan. We’re living longer, which means we may spend more time in retirement than we expect. Ensuring your plan accounts for healthcare costs and other potential expenses is crucial.
Let’s say you’re like Sarah, 52, who’s concerned about the rising costs of healthcare as she ages. She’s looking into private health insurance and ways to manage potential healthcare costs later in life. A solid plan will account for these needs, ensuring that Sarah can live comfortably without financial stress, no matter what health challenges may arise.
The best retirement strategy isn’t static—it’s flexible. Life changes, and so should your retirement plan. That’s why it’s important to check in with your strategy every year or when major life events happen. Whether you’ve changed jobs, experienced a health issue, or your investment portfolio needs a tweak, we’ll make adjustments along the way to keep you on track.
For example, John, who’s 60, had planned to retire at 65, but when his business started booming, he decided to extend his retirement date. By revisiting his strategy regularly, we ensured he was still making the most of his super and investments while waiting for the right time to retire.
Retirement planning can feel overwhelming, but it doesn’t have to be. We’re here to guide you through the process with easy-to-understand advice, real-time monitoring of your plan, and personalised support. Whether it’s through face-to-face meetings, phone calls, or using apps to track your progress, we’ll be with you every step of the way.
Planning for retirement isn’t just about numbers; it’s about making sure you can live the life you want when you stop working. Whether you’re dreaming of travel, a new hobby, or just enjoying time with family, we’ll create a plan that helps you get there. Just like Julie, Bob, Liz, and Sarah, you can craft a bespoke retirement strategy that’s right for you, using the best tools and strategies available today.
Don’t wait for the perfect time—start your retirement planning journey now. With a little effort today, you’ll be well on your way to securing the future you’ve always dreamed of.