Planning your retirement

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Preparing for a comfortable retirement is a common goal people strive to towards during their entire working life. Once reached, managing your retirement is an ongoing responsibility that carries on well into your late years.

While all of us would like a comfortable retirement, the complexity and time required to plan for this can make the process seem scary. At Wayne Cadman & Associates we can provide you with advice and support every step of the way. Below are the things you should start considering now, to achieve the retirement lifestyle you want later:

Take Control of Your Finances

The earlier you start planning for retirement, the more options you have to set a course that suits you. It is important to have a clear understanding of when you can afford to retire, by directing surplus cash flow now, reviewing how to pay off your mortgage and other debts sooner are all critical parts of the process.

Make a Long-Term Financial Plan

The next step is to look at how your needs might change over time.

The annual living costs for a ‘modest’ retirement are:

ASFA Retirement StandardsAnnual Living CostsWeekly Living Costs
Couple $34,216 $658
Single $23,767 $457

These figures may vary for each individual or couple depending on the lifestyle wanted in retirement.

Find Ways to Grow Your Retirement Income

Ask any retiree what they fear the most and chances are most will say “running out of money.” But there are ways to stretch your retirement income and things you can do to make your money last as long as possible.

  • Get advice as early as you can
  • Maximise your savings by considering the tax effective options superannuation provides
  • Diversify your investments
  • Manage your spending
  • Take advantage of your entitlements including superannuation benefit strategies and government concessions and benefits.
  • Keep on working as long as you can.

The earlier you begin to think about your retirement planning and actioning a financial plan, the likelihood you will enjoy the retirement you want.

Managing your finances and keeping up with the forever changing superannuation and taxation legislations can be hard work even if you have some financial knowledge. Wayne Cadman & Associates can help provide the advice and support you need each step of the way.

Transition to Retirement (TTR)

If your not quite ready to give up work when you reach your preservation age you can access your superannuation as an income stream and potentially reduce your overall tax position. A TTR income stream may allow you to reduce working hours as you approach your preferred retirement age, fund salary sacrifice contributions, save on tax and boost your super before you retire.

Date of BirthPreservation Age
1 July 1960 to 30 June 1961 56
1 July 1961 to 30 June 1962 57
1 July 1962 to 30 June 1963 58
1 July 1963 to 30 June 1964 59
From 1 July 1964 60

Individuals born before 1 July 1960 have already reached their preservation age.

Contact us today to make an appointment with an Adviser to discuss your Retirement Planning.