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