It's never too early to start preparing for your retirement. Ensuring you can live out retirement on your terms takes careful planning. Get financial planner advice that will help you to achieve this by learning more about the lifestyle you want to maintain and mapping out a strategy to optimise your assets and make this a reality.
Expert Retirement Planning Advice for Australians
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How to Start Planning for Retirement Today
Are you in the process of planning for your life after retirement? Check out this retirement planning checklist and learn how you can get started:
1. Start your retirement plan.
The first step in the transition to retirement can feel intimidating. So how do you start your retirement plan? The journey to a secure retirement starts with a well-structured plan tailored to your unique goals. This is your opportunity to spend some time establishing clear and achievable goals. What do you want your retirement to look like? How will you spend your days in this phase of your life? What are your 'nice to haves' and what are your 'non-negotiables'? Defining these objectives provides the foundation upon which your entire retirement plan will be built.
2. Consider your current lifestyle and priorities.
Now you've started planning, ask how this new lifestyle compares with things right now? Comparing your desired retirement lifestyle and financial needs against your current situation is a healthy way to understand any required changes in your priorities. This will help you to be better prepared and confirm that your retirement ambitions are realistic.
3. Get clear on your expenses.
Confidence in retirement comes from the knowledge that you have enough money to comfortably fund all expenses - both now and in the future. If you haven't already, compile a budget which determines your expenses. Be exhaustive in this process - as we are likely modelling these expenses fo many years and small inaccuracies now will create large inaccuracies over your retirement lifetime. If you'd like a copy of the comprehensive budget planner we offer to our members, click here (link needed).Once you've confirmed your expenses today, start adjusting these numbers in line with your retirement plan. Perhaps you need to add a higher figure in the travel section, or reduce your public transport budget now you won't be commuting to the office each day?
4. Work out your retirement income and living costs.
To ensure a stable retirement income, calculate your anticipated retirement income options precisely, taking into account all potential sources including rental income, dividends, pension or interest payments. Pay particular attention to whether your expected income is sufficient to meet the retirement expenses you've just calculated.
5. Grow your income.
If your income does not match up with your ongoing expenses, we need to assess whether your retirement assets including superannuation are optimally set up to support this need. It can be beneficial to get financial advice here, but if going solo, examine all strategies available and carefully select those that best suit your financial goals to enhance your regular income and reinforce your overall financial stability for the future.
6. Pay off your debt.
Retirement debt is a drain on the income you've worked so hard to establish. Effectively managing and reducing your debts is essential for a stress-free retirement. It can be hard to know whether to clear or maintain debt as a retiree - especially when that debt relates to an income producing asset such as an investment property. Our advice will help you navigate this process, ensuring financial security during your retirement years.
7. Make an estate plan.
Secure your legacy by creating a comprehensive estate plan that ensures your assets are distributed according to your wishes, and meeting all legal requirements. This process can have the added benefit of simplifying a difficult process for your spouse or beneficiaries, at a time where they are mourning.
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Check out our Eight Investment Pillars for a more in-depth knowledge of our investment process.
Get comprehensive financial advice from trusted financial advisors
Seeking personal financial advice from trusted advisors is vital. We offer personalised strategies, navigate complex financial landscapes for clients, and ensure your financial security, providing peace of mind in an ever-changing world.
Paying for personal financial advice with your super
Paying for an adviser or personal financial advice with your super is possible through a process called fee-for-service. This means you can access and pay for advice on managing your superannuation by using your super fund account balance. Our advisers at Northeast Wealth can help you navigate this process within the framework of Australian superannuation regulations.
Why Northeast Wealth?
For several years, we've helped countless Australians move in the right direction with their finances. From investment planning to protecting your retirement fund, Northeast Wealth takes the time to get to know you and your goals, so we can ensure you achieve financial success.
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We're fully committed to your success. Our dedication means we're fully invested in helping you accomplish the significant financial goals you've established for yourself.
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We are experienced at studying your financial life and making sure all government benefits and your hard-earned dollars go to work for you and your family.
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It's your journey. We won't bark orders – we listen to what you're looking to achieve and then make intelligent recommendations to help you get there.
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What our clients say
James is a wealth of information and I have great confidence in the ability of Northeast to continue to manage and grow my portfolio moving forward.
Rhonda
October 20, 2023
It's been great to see a dynamic shift in they way we view our money and how we can still maintain a certain lifestyle but with a more structured approach.
Luke
October 20, 2023
I would highly recommend Northeast to anyone wanting superior service, a genuine relationship with their advisor and tangible results.
Jack
July 15, 2021
James pays attention to the small details, considers all parties/stake holders and how each potential strategy could effect everyone and then executes the strategy with seamless precision.
Ibrahim
June 24, 2021
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Get your finances back on track, get to where you want to be and make the most of the journey along the way. Book a chat with Northeast Wealth today and discover how rewarding financial planning can be with the right help.
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