Most of us would like to maintain our current lifestyle even when we retire. In order for this to be a reality, early retirement planning is extremely critical. It takes many years to accumulate the funds to live comfortably when one is no longer receiving a constant stream of income like a salary. If you start investing earlier, it will allow for the accumulation and growth of funds over decades prior to retiring. This will allow you to build up a substantial amount of resources so you can enjoy your retirement life.
Retirement is a very important part of the human life cycle. The life expectancy rate for Australians has been increasing over the years and therefore individuals will now have to plan for additional years. The biggest success factor in retirement planning relates to planning early.
Road Map to Retirement Planning
In order to plan successfully, you will have to clarify your goals, understand your current position, convert those goals into a plan and finally convert this plan into achievable steps. Not only that but a transition to retirement strategy will allow you to work less and also boost your superannuation at the same time. The amount of money needed will vary on; your needs, your target retirement age and your desired standard of living.
With the ever increasing aging population, we are experiencing a larger amount of reported medical issues. This directly results in an increase to healthcare expenses and a shortfall in funding care and medicine. Having a financial plan can provide you the security of how to pay off medical bills.
Another reason why retirement planning is a very important part of every individual’s life is.
With the new federal budget, there are more factors to take into consideration. For example, the dependent spouse tax offset will be cut down on. It also revealed that the rise of the superannuation guarantee will be paused and will not come into full effect for years.
In order to be able to maintain a comfortable lifestyle after retirement, there are many factors to take into consideration. How much money will you need? Are you planning to work part-time? Are you planning a big getaway? The largest factor in planning successfully is starting early and considering all these important questions as well as how the government could affect these plans, especially if you are very dependent on government assistance.
If you want to live out your golden years in the comfort you prefer, inquire today about our retirement planning strategies! Call us today on 1300 850 902 or fill in your details below, for a no obligation follow up.