Five Retirement planning strategies to help you retire comfortably

While we never know what might happen to us from day-to-day, one situation that is inevitable for many of us is retirement.

How does that make you feel?

Excited to finally end the workforce and enjoy your senior years? Or, perhaps like the majority of Australians, concerned? Concerned, that with less income your lifestyle and living expectations could be negatively impacted.

Whilst this could be a very uncomfortable and stressful thing to think about, there is an amazing professional group that want you to retire comfortably and with complete peace of mind – it’s your local financial planners in Sydney.

We talked to several local financial planners in Sydney about retirement planning and they gave us some insight into 5 retirement planning strategies that can help you prepare for a comfortable retirement.

Set financial goals around saving

A local financial planner in Sydney will advise you to consider your existing essential and non-essential expenses like utilities, rent and mortgage, dining out as a starting point to organise your financial goals and set some achievable savings targets. Imagine the little nest egg you could build for yourself by committing to save an extra $50 a week in a special bank account for the next 20 years.

Build your super

Consider your super contribution. For instance, should you use before-tax or after-tax contributions? Before-tax contributions reduce your income tax while increasing your super. This could be a great option if you’re soon to retire. After-tax contributions are those you make with your own personal take-home pay. Talk to a financial planner to learn which method is most efficient for you and how much you should be putting in.

Government age pension eligibility

The new Federal Budget may adversely affect some wealthy pensioners, but may benefit others. Government age pensions are only for those who those retired permanently from work and who have reached preservation age. You will need to know where you stand in terms of eligibility. If you’re a few short years away from retiring a good Sydney financial planner can help you assess your eligibility based on your assets and income situation.

Personal wealth creation strategies

The key element in personal wealth creation is in putting your money to work for you. This is not an overnight solution, but rather a long-term financial security solution that builds over time. Personal wealth creation involves tax minimisation, varied investment options, cash flow analysis, estate planning, pre-retirement and superannuation, portfolio management, finance and mortgage options, and other wealth creation and investment strategies. These are all options your Sydney financial planner will address with you.

Income protection insurance

Another aspect of preparing for retirement may include considering the issues of unforeseeable events and becoming unable to pay your mortgage. Income protection insurance is something you should talk to your financial planner about to find out if it’s an option you should consider. You get a monthly benefit of up to 75 per cent of your regular income, and cover in case of major traumas, accidents, or illnesses. Income protection insurance pays you until you can return to work, or until your retirement age if you cannot. This option is also tax deductible and allows you to move forward financially with less stress and worry in case something happens.

Looking for a financial planner to help you with retirement?

You can contact experienced conveyancer, real estate agent, property buyer or mortgage broker from our Tradebusters Connect Top 3 Local Choice directory.

Here you will find highly recommended businesses near you.

Their contact details are available on this website, and you are free to contact them directly. Check out an area near you today.

Other useful links:

Financial Planners And Financial Advisors Sydney

Financial Planners And Financial Advisors Sydney Blacktown

Financial Planners And Financial Advisors Sydney Castle Hills/ Hills District

Financial Planners And Financial Advisors Sydney Eastern Suburbs

Financial Planners And Financial Advisors Sydney Inner West

Financial Planners And Financial Advisors Sydney Northern beaches

Financial Planners And Financial Advisors Sydney North Shore Lower

Financial Planners And Financial Advisors Sydney Chatswood

Financial Planners And Financial Advisors Sydney Parramatta

Financial Planners And Financial Advisors Sydney Ryde

Financial Planners And Financial Advisors Sydney Sutherland Shire

Financial Planner and Financial Advisors Tweed Heads