Understandably, people tend to view retirement with the thought that it’s too far off to think about. However, when you enter the final ten years before retirement, you’re going to have to seriously take retirement planning into account.
It’s important to remember that knowing and doing are two very different things!
Read on to learn more about the key steps you should take if you’re looking to retire in 10 years:
Define Your Retirement
What does the concept of retirement mean to you? And more importantly, how do you see yourself spending your retirement? Take three factors into consideration: what you’ll be doing, where you’ll spend your retirement, and when you’re actually going to retire in the first place.
Are you single? Take future plans into consideration as well. What if you suddenly get a partner? What if you end up dating or marrying someone who has a family from a previous partnership? What if your children have children?
If you have a long-term partner or spouse, retirement is something you should talk about together. The last thing you want is to find out way too late that you have two very different ideas of where you’ll end up settling.
What if one of you was entirely certain you’d still be in the same apartment in the Gold Coast, while the other one was determined to move north to a smaller, coastal town?
Remember, plenty of things can change in ten years, and you have to be as prepared as you can for unexpected changes. This is where a retirement planner can be helpful.
Keep Your Savings Up-to-Date
You’ve likely already been saving for years towards your retirement. Whether your savings are through your bank account, investments, or your superannuation – or a combination.
Now is the time to focus on your retirement fund and ask the question: “Will it be enough?”.
If you’ve still got a few years before retiring, now is the time to take action.
Not sure about the numbers?
Reach out to a retirement planner or financial advisor to get sound advice on the matter. These professionals should be able to not only explain your savings situation better, but also give insights as to how you can better meet your goals.
This way, your retirement savings can be a reliable nest egg when the time comes. Look into super contributions from your employer and into the possibility of higher catch-up super contributions.
For many people, retirement seems like a lifetime away. But if you’re thinking of retiring in the next ten years, it’s time to start taking your retirement plan seriously.
Trying to choose from the retirement planning companies on the Gold Coast? Chat with Cambio Group today!
We’re an established financial planning and accounting practice dedicated to helping you ease into retirement. Let us assist you in planning your finances so you can live your golden years to the fullest. Book a complimentary meeting with our financial advisors today.
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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