Retirement Planning

5 Financial Tips to Help You Achieve Your Dream Retirement

24 March 2022

Most people’s retirement plans involve travel, more family time and plenty of relaxation!

The thing is, these plans aren’t always easy to achieve without a comprehensive retirement plan in place.

We have an incredibly passionate and experienced financial planning team at Cambio Group who help many of our clients with their financial plans – in particular their retirement plans. 

We understand that there are a number of different strategies and decisions to choose from. But for us, what’s most important is that our clients can achieve their goals – now and in retirement. This is why every single strategy we recommend is tailored to your needs, circumstances and goals.

But overall, so many of the questions we get asked by those approaching retirement are the same: 

  • Will I have enough money?
  • How can I invest now for retirement?
  • What should I do with my super?
  • How and when can I take out my super?

So, our talented advice team have put together some retirement planning tips that will help answer some of the most common questions and help you start building your retirement plan step-by-step. 

Take a look below at our tips for achieving your perfect retirement in Australia:

1. Make a Retirement Budget

The first tip is to project your retirement budget. 

This will enable you to get a clearer picture of how much money you need to save or invest. But this also encourages you to stop and think about the kind of retirement lifestyle you want. 

  • Do you want to enjoy the finer things in life?
  • Do you plan to travel?
  • Or would you be happier downsizing your family home and making a location change?

 

Having a budget on your finances is a must, especially if you want to achieve your dream retirement.

2. Don’t Delay Your Retirement Planning

The best time to start retirement planning was yesterday – the second best time is today! 

We often see people putting off their retirement planning because they think they’re too young or they might have other financial commitments they need to focus on first (like paying off the mortgage or starting a business). Some people think they’re not in a position to start saving yet so they just put off seeing a financial planner. 

But a financial planner will be able to help you navigate these complex financial stages and maximise your retirement savings at the same time. 

Your retirement planning can – and should – begin as early as possible. 

Retirement planning isn’t just about “saving for retirement” but it is about helping you make smarter decisions with your money and achieve your goals now and in retirement. 

So, the earlier the better!

3. Save Money Faster Through Investments

If you are looking to fast-track your savings for retirement, consider investing your money instead of saving it through a bank account. 

With inflation on the rise, saving through a bank account can actually mean your money is losing value – especially if your retirement is a while away. 

If you’re interested in understanding the basics of retirement investing, check out our quick guide here.


4. Make the Most out of Your Super Fund

Thanks to the way superannuation funds are structured, you may be able to grow your retirement savings faster by contributing to your super.

Additionally, by making voluntary contributions to your super you may be able to pay less tax at tax return time.

5. Consider Downsizing Your Home

If you are aiming for a dream retirement, it might make sense to downsize your home to something more affordable, better suited to your needs, and in the perfect location for you! 

This can be a great way to increase your retirement savings and you may even be eligible for – the Superannuation Downsizer Contribution which can be extremely tax-effective!

  

Seeking Retirement Planning Advice? 

If you need retirement planning support, Cambio Group’s financial advice team can help. 

Our financial advisors are here to offer advice that will help you plan out your future, including your perfect retirement. 

You can book a complimentary consultation with us or call our office on: +61 7 5504 0500

 

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.

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