When is the best time to plan for your retirement?

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An Investment Trends (2016) report reveals that more than half of Australians retire sooner than they initially expected.

So when is the best time to start planning for life after work? The answer is ‘now’.

Here are some steps you can take today to prepare:

Know your financial position
Having a good knowledge of the money you have available if you stopped work unexpectedly – including super, savings or government entitlements – is a great first step in your planning process.

Next calculate your daily expenses such as bills, food and entertainment, and estimate any emergency expenses, such as repairs or health bills. Your current financial position can be best summarised by knowing if you have enough money coming in to cover all these costs.

Understand when you can access your super
Superannuation is designed to support you with an income source when you retire. That’s why super is ‘preserved’ until an age determined by the Australian Government. Currently, this age is between 55 and 60.

Reaching preservation age means you could use your super as an income source if you happened to retire unexpectedly. Your choices include:

• accessing super as income payments, such as through a retirement income account
• taking your super as a partial or full lump sum
• keeping your money in super to give it more time to grow.

Speak to someone
As you approach retirement, planning for your financial future doesn’t need to be something you tackle on your own, so now is the time to find out more about how you can prepare.

Planning ahead can make a big difference to the amount of finance you have in retirement and help you feel in control even if retirement comes earlier than you expected.

Be prepared and make us part of your plan

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8 Comments

Total Comments: 8
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    When is the time to start preparing for retirement? The first day you start work.

  2. 0
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    I remember when I started work on a building site I was 15 an old fella said put 10% of your wages away and you will retire at 40 yrs I did not listen

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      He was spot on Dreamer. I was fortuanate to have money wise parents and learnt from observing how they handled finances. The old saying “monkey see, monkey do” is quite correct.

      Also we started seriously planning for our retirement about 6 years out from it and upped our superannuation contributions by almost doubling what we had to put in.

      Yes you do need to have a plan and I urge every parent to buy the book written by Scott Pape. Very simple to read but it will get children on the right financial path.

  3. 0
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    I am putting as much as I can in my superannuation. But is there anything else a financial planner would advise apart from investing to make them commissions? Is there any advice you can give me that I need to do well before I retire ? Is there anything that’s beneficial well before retirement that I can’t do if too close to retirement ? I’m saving as much as I can for superannuation now whilst working

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    Good idea to record your daily spend for a year for all categories of expenditure on an Excel Spreadsheet, gives you a great indication of how much you need to retire. One hint – don’t fudge , record ALL your household expenditure! Also ig is a terrific motivator to reign in money you are unnecessarily spending / wasting .

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      This is a great idea MKB. Would be good if I knew how to use Excel Spreadsheet (I just have an old piece of graph paper lol, crude but works for me). Also wondering what is ig?

  5. 0
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