Getting ready for Retirement
It is not uncommon to reach your late 40’s or early 50’s and suddenly realise that retirement isn’t quite as distant as you once thought. For those that have children, they have often left home to begin their own journey - or are close to doing so.
You begin to give more thought about the type of lifestyle you would like once you do retire. If your home isn’t already paid off, doing so has become a priority. Superannuation also becomes more important as does creating / increasing wealth outside of superannuation.
These are often your peak earning years. Professional financial advice can make a real difference both now and in the lead up to retirement in the following ways:
- Ensuring non-deductible debt is paid off
- Using various strategies, depending on the level of risk that you are comfortable with, to increase your wealth both inside and outside of superannuation
- If not already done, having an effective Estate Plan in place, including a valid Will and Power of Attorney
- Often you are caught up helping both generations on either side of you - adult children who are trying to establish themselves and ageing parents who require increasing levels of assistance
- Creating tax effective income, often from age 55
- Creating tax free income from the age of 60
- Managing personal insurances. As you get older and the premiums increase it can be tempting to let the cover go - just at the time that a claim is more likely.