Retirement planning
During your pre-retirement years, super 'suddenly' becomes your major focus — retirement is just around the corner! Money that once went into a mortgage now goes into wealth accumulation, particularly super, as you start thinking about the lifestyle you want in retirement.
For some, this stage of life may start at 45 or 50, while for others the pre-retirement years may start at 55, 60, or even later, depending on when you plan to retire. Financial planning at this stage of life is about maximising investments, balancing risk and return, contributing additional money to super and reviewing risk insurance needs.
For some, easing into part-time work, and taking advantage of the Government’s transition to retirement rules is the ideal way to the next phase of their lives.
Retirement may mean time to devote to the house, gardening and golf. For others it may be time to start that world trip, write that book or try bungee jumping.
Whatever your plans, maximising your retirement savings is essential, and the way you structure your finances can greatly affect your overall retirement income.
Visit our Superannuation page for more information.
Take a look at how Andrew and Joan prepared for their upcoming retirement.