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The ultimate goal of most individuals’ financial planning is the comfortable funding of their retirement. Retirement planning can begin as early as when you start your first job and continue throughout retirement to ensure that your funds last your lifetime.
Strategic planning for retirement includes:
- Retirement goal setting – we can help you review your lifestyle requirements to determine the income that you will need in retirement, assess whether your timeframe for retirement is achievable and tell you what you need to save in order to meet your target retirement income.
- Pre-retirement strategies – building retirement savings can be achieved a number of ways and may include borrowing for investment, otherwise known as gearing, and/or making contributions to super. The strategies most suitable to you will depend upon your investment timeframe and your tolerance for investment risk.
- Transition to retirement planning – if you are over 55, transitioning to retirement using superannuation is now possible. It allows you to reduce your work hours in the lead up to retirement or potentially, stay working full-time and use a tax-effective pension to significantly improve your personal tax position. You can use your pension income to meet your living expenses while directing more of your employment income to superannuation to save tax and boost your retirement savings.
- At retirement planning – if you are about to retire or have just retired, you are going through the biggest life transition since joining the workforce. Retirement often prompts asset sales, contributions to super, the commencement of pensions and if eligible, an application for Centrelink/DVA income support. Strategic planning is never more important that at this time of your life to ensure you minimise tax to maximise your retirement wealth.
- Ongoing retirement planning – if you are already retired, preserving your wealth and managing the estate planning implications of your retirement strategy become the key focus of strategic advice. Whether it is leaving a legacy or just a comfortable retirement that you want, your planning can begin today.
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