Retirement Planning
Retirement means something different to each of us. For some, it’s the adventure of traveling across Australia in a caravan, while for others it’s jetting off to luxury destinations or enjoying fine dining around the world. For many, it’s simply having more time with family, friends, or giving back through volunteering.
We all have different ideas of what our retirement will look like. Planning ahead can help turn those dreams into reality.
Why is Retirement Planning Important
Planning for retirement isn’t just about numbers; it’s about making sure the life you want after work becomes a reality. Relying solely on the Age Pension or compulsory super contributions may not provide enough to maintain your desired lifestyle. The earlier you start, the more time your super can grow, giving you greater flexibility and peace of mind.
Retirement planning helps you set goals and make informed decisions about your future. It is about creating confidence that when the time comes, you can enjoy your retirement the way you have imagined.
How Much Money do I Need to Retire Comfortably
Working out how much is enough for retirement depends on many factors, such as your lifestyle, plans for the future, and the number of years you’ll spend retired. Additionally, estimating how much you’ll have when you plan to retire depends on factors such as your current salary, super balance and other assets.
That is why seeking sound financial advice is so important. We can help you understand your options, make informed decisions, and feel confident about achieving the retirement you want
How we can help
Professional Money Management can work with you to create a retirement plan that balances practical needs with your personal goals.
We can help you:
- Identify your retirement goals
- Review your income and cashflow requirements
- Review your financial position to identify potential tax efficiencies
- Understand strategies related to superannuation contributions
- Identify what assets (house, savings, investments) you have and how much they are worth
- Assess how much super you have and when you can access it
- Find ways to grow your retirement income
- Put plans in place to make your money last in retirement
- Determine when you can apply for the age pension or other Government benefits and whether you are likely to be eligible
- Review your estate planning
- Determine if you have the correct beneficiary nominations in place
Professional Money Management can help you make the right decisions about your finances. Call us today on (03) 51 433 450.