Retirement Planning

3 Key Areas of a Retirement Plan Where People Often Make Mistakes

7 March 2022

When you finally reach the grand age of retirement in Australia, it should be natural to have a good retirement plan in place and feel confident about your financial future. 

While some may already have a rough idea of what happens when they finally leave the workforce, it’s so important to get the important details right.
 

While money absolutely doesn’t buy happiness, having your finances in order can minimise stress, give you confidence and peace of mind, and even improve your physical health!

 

If you’re nearing retirement age but aren’t even close to thinking of retirement planning yet, you may want to check in with a financial advisor about optimising your financial strategies for your golden years. 

To get you started, here are some of the primary aspects of your retirement plan that many people often run into issues with – that could make or break your plans for your retirement: 

1) Superannuation 

Superannuation may help you significantly with your retirement plan. However, what has been contributed to your super fund throughout your life may not be enough to solely fund your retirement. 

For this reason, it is so important to seek superannuation advice from a qualified financial planner as early as possible before your retirement. With retirement planning advice, you can make smart, informed decisions about your superannuation fund.

 

A Superannuation Advice Specialist can help you with: 

  • Investing your superannuation in line with your goals
  • Ensuring your super fund is performing well and you are getting the maximum returns you are entitled to
  • Making additional contributions to grow your super balance
  • Choosing the most tax-effective method to withdraw your super at retirement 

2) Investment Planning + Asset Structure 

Many people choose to make additional investments (other than their superannuation) for retirement. 

However, it’s just as important to make sure your investments are structured efficiently for maximum returns and tax minimisation. 

When you’re younger, it can be wise to invest in long-term assets that will effectively grow your money. But when you retire, it can make sense to have short-term focused, lower-risk investments so you can feel confident in their performance. Additionally, accessibility to money is a common desire for many retirees. 

A good retirement plan takes not only takes into account your income needs, but also how your money is invested and structured in line with your goals and needs.
 

3) Timing and Decision-Making 

Time and decision-making are two issues that can be the deciding factor between a good retirement and a great one. 

You need to be able to plan for your retirement years, even when you’re still in the workforce, and make decisions that will help take care of your needs, so that you can live comfortably. 

So many people put off retirement planning because they think they are too young, don’t have enough wealth, or they may even plan to work past the standard retirement age of 65. 

 

But the earlier you start planning for retirement, the more time your money has to grow and the more options you will have access to. 

 

If you don’t think you have enough money, this may mean you need retirement financial advice more than you think. You don’t need to have millions of dollars to seek financial advice – a retirement planner can help you grow your money with smart financial strategies. 

So many Australians plan to work until the age of 70 or even later – whether for financial or lifestyle reasons. However, accidents and illnesses happen all the time and so many Australians are forced to retire earlier than they expected. In an uncertain time of illness or injury, it can be comforting to have a financial plan in place for your retirement – which is why we encourage everyone to start planning for retirement as soon as possible. 

After all, your retirement is a time for you to sit back, relax and enjoy the things you love. So why not put a retirement plan in place that allows you to do just that. 

Talk to Cambio Group’s experienced financial planning team today. 

Get in touch with us today! Book here.

 

 

Disclaimer: The information (including taxation) in this website does not consider your personal circumstances and is of a general nature only – unless otherwise stated. You should not act on the information provided without first obtaining professional advice specific to your circumstances.

[gravityform id="2" title="false" description="false" ajax="true"]

A full compliment financial services group with 1 simple mission: to deliver positive change in the lives of our clients

For over 20 years we’ve been helping people like you make smart, informed business and financial decisions. We’re in this to make a difference, to help you avoid the common mistakes that prevent people from building a business and creating a life they truly love.

Restore direction in your life with a tailored financial plan from Cambio Group.

Book a Complimentary Consultation