How To Best Set Yourself Up For A Comfortable Retirement
The most common goal of retirement planning is for you to stay secure and to be able to live out your well-earned break without having to worry about finances. It’s why the most opportune time to start planning for your retirement is right now. A sound retirement plan will take into account the age you’re most likely to retire at, at what age you can access your superannuation funds and how much extra money you’ll need to live comfortably.
Here are a few tips to help you plan a secure retirement that meets all the above requirements.
Tip 1: Start retirement planning as soon as possible
This sage piece of advice is at the top of many financial advisor’s retirement lists. This is because the sooner you start planning, the more options become available to you. To help you determine your available options, you’ll need to sort out your finances, so you have an idea of how much money you have in assets, how much you’ll need for a secure retirement and what the shortfall is.
Tip 2: Think about retirement long-term
Your financial retirement plan is to prepare you for the long-term. How will you be spending your retirement years? Will you be travelling for the first few years? You may want to buy a new car or renovate your house. What is the cost of your future lifestyle and how will you fund each phase of your retirement? Remember to save for a lifestyle you can afford.
Tip 3: Get professional advice on the best ways to grow your retirement income
A financial advisor with specialist knowledge of investment strategies is best placed to help you grow your income. The end goal is to receive capital gains that will beat inflation. Other options include earning revenue with a second job as a freelance consultant or setting up a weekend business. This work can continue even after you’ve retired from full-time employment.
Tip 4: Be money wise
Saving requires a good deal of prudence when it comes to spending money. Keep track of where your money is being spent and save for any large purchases or holidays separately. Avoid short-term debt like payday loans and credit cards.
What plans have you put in place for your retirement? If you need professional financial advice, the experts at Stones Sharp can assist in ensuring you obtain relevant and trusted advice on retirement planning, starting today. Get in contact now.