Optimising your asset base and income structure for retirement requires a comprehensive plan taking into account many factors. By taking steps now, you can begin to prepare for retirement so it becomes one of the most enjoyable times of your life. Like any plan, however, you need to know your end goal first so strategies can be put in place to achieve it.
The Federal government offers opportunities surrounding access to superannuation. If you have reached your preservation age, you may be eligible to reduce your working hours without reducing your income. Alternatively, this may help you maximise tax effective contributions to boost your rate of saving. This may be achieved by accessing your super in the form of regular payments and offers you the chance to slowly transition from working to retirement at a pace that suits your lifestyle. So the income you do without because of reduced working hours can be replaced by your super income stream.
There are many other factors to take into account before adopting this option. A successful, tax effective transition to retirement requires the balancing of many factors and is the result of a combination of numerous financial planning strategies. The Advisory Partners Financial Services Retirement Planning System has been structured to help you to crystallise your goals so a holistic blueprint can be created to help you achieve them. Once this is known, your current position and anticipated needs will be taken into account to formulate a plan specific to your needs.
Our system takes into account your –
- Taxation Position in consultation with your accountant
- Cash Flow and Debt position
- Superannuation planning including, if applicable, Self-Managed Super
- Employment strategies pre leaving work
- Wealth Creation and Asset Management strategies
- Potential Government pension and benefit entitlements
- Ongoing support and services to keep your strategy on track
- Estate Planning support
The biggest mistake people make is failing to plan. It’s important to know that, regardless of your current financial position, it’s possible to start a retirement plan now. As most people’s retirement lasts for 20 – 30 years, it’s certainly worth making the effort now to at least begin the conversation. Then let’s take it from there, step by step.
Call to learn how Advisory Partners Financial Services can help plan your retirement.
General Advice Disclaimer: This website contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
