Are you ready to retire?

If you get the timing right, retirement could be your best decision.

Are you ready for retirement?

As with most major transitions in life, moving into retirement requires careful planning and consideration. You need to ensure that you’re financially and emotionally ready for the next stage in life and this means asking yourself, and others, some tough questions:

  • What will you do with more time on your hands?
  • Is your partner/family supportive of your retirement plans?
  • What kind of lifestyle do you hope to have in retirement?
  • How will you fund your retirement?
  • What’s the best way to ensure a regular income in retirement?
  • Will you get a Government Age Pension?

It’s important to think about these questions before you can confidently make the move and embrace the years ahead. It’s also important to remember you’re not alone; there are many tools available to guide you and help you make an informed decision. It’s best to speak to a qualified financial planner who can highlight the areas that may need a little more consideration, and who can show you just how your superannuation and saving can work for you.

Before your appointment, you’ll need to put together budget of money you have coming in, and going out. Think about the areas you can make savings or cutbacks if necessary.

You’ll also need a list of your assets and liabilities: shares, superannuation, property, loans, credit cards and anything else that can earn you money or is counted as debt.

This is a great time to consider your needs and objectives, don’t hold back on your dreams but be mindful they may take a bit of work to achieve.

And finally, find out if you’ll be eligible for a Government Age Pension. Even a part Age Pension can go a long way to boosting your finances.

Australian Institute of Superannuation Trustees found that retirees with super balances of $100,000 will achieve a retirement income that is 25 per cent more than the full Age Pension and an additional $110 a week*.

Those with balances of $300,000 will achieve an income that is 60 per cent higher than the Age Pension.

With all this information at hand, you’re ready to take the next step and AustralianSuper is with you all the way. Make an appointment with one of its qualified financial planners to find out how your money can work for you to help you have the retirement you want.

Unfinished Business: with Dave
More fishing, less working – and he’s not even retired.
See how Dave is re-shaping his work/life balance with the help of AustralianSuper.

 

This article has been sponsored by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788. The views expressed are those of YourLifeChoices and not necessarily AustralianSuper.   For more information, please visit australiansuper.com

*AIST’s ‘Super Reality Check’ report of August 2015, prepared by Vidler Policy & Research





    COMMENTS

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    *Imagine*
    10th Nov 2015
    1:06pm
    Why is it that only half truths are given as facts?
    OK imagine you have $300 000 in super and draw down 5% per annum ($15 000) add in part pension and whoopee! More than most, who don’t have the $300 000 in super.

    BUT, if you also have assets outside the home, say a river shack or similar worth $500 000 meaning your total assessable assets exceed $800 000, then from Jan 2017 you will find that you have to live on that $15000 per year and NO PART PENSION.

    Answer: Transfer your river shack or other hard won assets that you wish to keep, to the kids before you retire, or live in poverty.
    Peterrj
    13th Nov 2015
    5:54pm
    *imagine*, you have no imagination as you are spot on with your calculations!!!!! You are almost that 'mythical' millionaire pensioner who is rich and doesn't need the Aged Pension!!!! So enjoy your $15,000 annual income and be careful how you spend it!!!!

    But I must add a rider on your advice, give 'it ' away but you need to do that 5 years before pensionable age .... Otherwise it is still deemed to be in your assets ... Even though you don't have it!!!!

    So, What's it like to be a rich B???
    MICK
    10th Nov 2015
    3:27pm
    Debbie: can you explain further how you get the pension + 60% if you have $300 000 invested. I have not bothered to run the figures but I am sure you have. Thanks.
    Mike
    10th Nov 2015
    3:37pm
    I am just sorry I raised four kids and scrimped and saved and have a house worth $250000 and am told I am one of the filthy wealthy home owners when I could have enjoyed myself, drank and smoked and played the pokies and would have been rewarded with a full pension. I will be joining the 560000 other former Liberal voters and will NEVER vote liberal again.
    MICK
    10th Nov 2015
    3:55pm
    I sort see the point. Join the club. But I do sleep well at night knowing that my sacrifices and those of my family have resulted in NOT having to be a burden on other taxpayers and retirees. I do not kid myself though..........sooner or later there will governments wanting it all.
    PlanB
    11th Nov 2015
    6:50am
    Well since retiring I never seem to have ENOUGH time
    Peterrj
    13th Nov 2015
    6:06pm
    Then it's about time you tried PlanB?
    PlanB
    14th Nov 2015
    8:29am
    Sorry Peterri, what is it that I should try????????

    I just did not understand your remark.
    Peterrj
    15th Nov 2015
    1:04pm
    PlanB, what, no plan B???
    PlanB
    16th Nov 2015
    6:00am
    I don't understand what you are talking about Peterrj I am retired and have been been for years
    Peterrj
    13th Nov 2015
    6:03pm
    "Those with balances of $300,000 will achieve an income that is 60 per cent higher than the Age Pension.". The industry standard is that you draw down on your Super at 5% and 5% of $300,000 is $15,000. The Aged Pension for a couple with their own home is $33,000. So $15,000 plus $33,000 is $48,000 and $48,000 is 60% more than $33,000???? Next YLC will be doing articles on the Tooth Fairy and what to food leave out for Rudolph the Red Nosed Reindeer!!!!


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