Pre and Post Retirement advice and assistance
Regulations around superannuation and retirement are continually changing and it is important to be up to date with the current rules. Retirement decisions can be difficult – when can you retire and what will your options be? Can you afford to retire? What retirement investments do you use and what tax applies? Can you consider a “partial retirement”? With so much focus on reaching retirement, many retirees do not consider how long their savings need to last them and as a result they tend to focus on the immediate future and not beyond.
To help you with the long term plans there are important factors to consider such as your specific investment strategy and your proposed spending plans in retirement.
To help you with the long term plans there are important factors to consider such as your specific investment strategy and your proposed spending plans in retirement. (And of course these will vary from person to person).
With hopefully a long time horizon ahead, retirees still need to carefully consider their approach to risk and how to invest their savings. Retiring on its own, does not mean that you need to take an ultra-conservative approach to investing. There is still time to invest in growth oriented investments which will help you to keep up with the effects of inflation over time, however this has to be determined in line with your investment Risk Profile or “comfort zone”.
Your spending plans are also most important. Are you considering expensive overseas holiday adventures or preferring the quieter life at home for example? Whatever your thoughts, having your plans and budget prepared at retirement is a key to determining the ongoing success of your retirement. Everyone would like a comfortable retirement, however drawing funds excessively (unless they have been saved for) will only lessen your income potential going forward.
And without doubt (besides good health), the most important need for a retiree is income.
The level of retirement income that you can generate will determine the types of holidays (or “out of the norm” purchases) that you can make. Therefore, the level of accumulated assets (including superannuation) at retirement (in most cases) is most important as that will determine the level of income that you can receive going forward. From that point the ongoingsuccess of those retirement investments will boil down to two (2) major factors: The investment performance of each asset held and the level of drawings that you take. Poor investment performance and / or redemptions from the fund will see the balance slip away more quickly and your income potential in future years will be reduced.
Retirement can be complicated and is one of the most important periods of your life. Therefore benefiting from our years of expertise at this time will help to ensure that you maximise your income potential and understand your options clearly.