Approaching retirement can be a daunting time for a whole host of people from all walks of life. No matter what you did or where you came from, this time of planning ahead and looking to the future can be a particularly stressful one in anyone’s life.
In Australia, there is no set retirement age, however, there are established ages an individual can access their superannuation or apply for Government Age Pensions. At the age of 55 years, most of the Australian population should be able to have access to their superannuation. In 2016, for an individual to be eligible to access the Aged Pension they must be 65 years of age or over. This figure is set to rise in the coming decades – as July 2023 will see 67 years as the retirement age and 70 years by 2035.
There is always options to retire earlier than the above set criteria, however, deciding to do so should be thoroughly assessed against any incoming income that you have, any benefits you are able to access, anything you have in terms of savings and assets, etc.. If you are considering this option, then it would be wise to enlist the services of a professional Financial Planner to ensure that you are making the right calculations and have accurate expectations about the cost of your retirement.
Even if you do wait for the retirement age to access super or government funds, it would be beneficial to visit a Financial Planner who is an expert at assessing your financial situation and assessing your future income needs. Financial Consultants will give you a realistic picture of the road you need to follow to retire comfortably and when is the right time for you to do so based on your individual circumstances.
Understanding your personal and unique life goals is one piece of fundamental knowledge for any financial planner and it will ultimately enable them to determine just how to build a plan for your retirement years. Consultants can help get you through this often disheartening time and give you and your family some peace of mind and a sense of security. A professional financial consultant – in conjunction with quality financial planning strategies and viable saving solutions – can effectively help you in managing your future.
Therefore, rather than worry over your retirement, take the steps to build a secure and realistic retirement plan. Let retiring be a calming time, a period to wind down, to take time for yourself and to just relax. Retirement can also be an exciting time – full of new adventures and ticking those items off your bucket list. So, when it does come to retiring at that time in your life, the importance of setting up your future simply cannot be understated.Share