Retirement Planning

Making your dream retirement a reality.

Everyone has their own dream life in retirement. Some may want to spend more time with their family, some are planning to travel around the world, while some will start their own business or pursue a neglected passion.

Whether you're retiring in the next few years, or you've just started your career, it's always the best time for you to plan your retirement now. However, the earlier you plan, the more wealth to be accumulated for your dream retirement.

How much will you need?

There is no single figure that suits everyone. What you will need depends on the lifestyle you have in mind, whether you still have a mortgage, how long you expect your retirement to last and what you would like to pass on. A useful starting point is to look closely at what you spend now, then consider which of those costs are likely to rise, fall or disappear once you stop working.

When can you access your super?

Your preservation age determines when you can begin drawing on your superannuation. For anyone born from 1 July 1964 onwards, that age is 60. Reaching it does not mean you have to stop working. A transition to retirement strategy allows you to draw an income from your super while you continue in the workforce, which some people use to reduce their hours without reducing their income.

Making your savings last

Moving from earning a salary to drawing on what you have built is one of the biggest financial changes most people go through. The questions change from how much you can put away to how much you can comfortably take out, how your money should be invested once you are drawing on it, and how to manage the effect of a market downturn in the early years of retirement.

The Age Pension and Centrelink

Many Australians receive a full or part Age Pension alongside their own savings. Eligibility depends on your age, your residency and the assets and income tests. How your finances are structured can affect what you are entitled to, so it is worth understanding where you stand before making major decisions about your home, your super or your investments.

Retirement planning advice in Cheltenham

At Goldfinity, we will review your current financial circumstance, to work out the right balance between guaranteeing you the current quality of life and building wealth for your retirement. We utilise a considered and methodical approach to structure the strategy to guide you towards your retirement goals.

We are based in Cheltenham and work with clients across Melbourne's bayside and south eastern suburbs.

To find out more about how we can assist in planning your retirement, please contact us.