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Getting ready for retirement

25/01/2024

Planning for peace of mind.

Retirement is a huge milestone, bringing lots of change and some unknowns.

After decades of hard work and commitment, we all hope to have enough of a nest egg to maintain our lifestyle for years to come.

Getting ready to retire

Consider doing some financial spring cleaning to help you get ready for a worry-free retirement. You could start this by:

  • Finding all your super funds
  • Reviewing savings accounts and any loans 
  • Gathering key financial documents 
  • Reviewing your insurance premiums 
  • Making plans with your spouse and family.

Plan before you retire

There are many different ways to retire but they all involve significant planning to make it a reality. You might have big plans for your retirement – like a trip to Europe, a new home up the coast– or just concerned about being able to afford your current lifestyle.

You might want to quit work at 55 or you love your job so much you prefer to stay in work for as long as possible. If you run your own business, you need to think about succession planning. 

How much will I need to retire?

The Association of Super Funds of Australia (ASFA) has crunched some numbers on this. They have figures that show how much a single person or couple will need when they retire. ASFA also have a retirement tracker that you may want to bookmark and use when you get right into budgeting for your retirement.

Here are some other things to consider:

  • Your target retirement age: the good news is Australians are living longer, but this also means your super will probably need to stretch that bit further too.
  • Your lifestyle and expenses: Look at every aspect of your spending and make tough decisions about what you can and can’t afford. That means looking at regular health and wellbeing expenses, cars, overseas holidays, dining out, and so much more.
  • Planning for the unexpected: planning for the worst can give peace of mind. Think of an emergency fund to cover you for any surprise costs, or which insurances could help alleviate possible disruptions to your retirement plans.

Where will I get my income?

Once you figure out how much your retirement will cost, it’s time to look at where you will get your income from. ASIC’s MoneySmart website has some useful retirement income resources to help you understand the many options. Some common income streams for retirees include:

  • Income from super
  • Pension
  • Part-time work
  • Investment property: selling investments or collecting rent.

If you need to learn more about these income sources, try the Department of Human Services’ Financial Information Service for a free consultation, resources and state-by-state seminars. Your own super fund may also offer these services. And don’t forget that our Newcastle Permanent expert financial advisers can also provide you with clear, paid-for personalised advice.

This article is intended to provide general information of an educational nature only. We do not recommend any third party products or services and we are not liable in relation to them. Any links to third party websites are for your information only and we do not endorse their content. Information in this article is current as at the date of publication.

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