retirement planning

Retirement means different things to different people.  For some, it is a stressful time.
For others, they cannot wait for it to start. 

No matter how you wish to approach your retirement, having a financial plan in place and "knowing” that you can fulfill your goals in retirement is extremely valuable.

What is retirement planning?

Retirement planning is essentially deciding:

  • The lifestyle you wish to have when you leave the workforce

  • At what age you wish to leave the workforce

  • What you need to have in order to be able to achieve that

And then working out how to get from where you are now financially, to where you need to be in order to achieve it.

The type of lifestyle you wish to have once you’ve finished working is entirely up to you. It’s our role to develop strategies that will get you there.

Each individual plan is as unique as the individual (or couple) it’s created for. We look at your current income, household expenses, assets, liabilities (debts) as well as your superannuation and any existing investments.

In planning for your retirement, it’s also important to look at protecting you and your family financially in the event of significant injury, illness or death.

What outcomes are we looking to achieve in planning for your retirement?

Ultimately, our goal is to plan for the retirement you want.

The outcomes we’re looking to achieve in planning for that are:

  • The ability for you to retire when you want to, not when you have to

  • You feeling in control of your finances moving forward towards retirement

  • Clearly determining your retirement goals, and having a plan that is directly aligned to them

  • Ensuring you and your family are financially protected along the way

  • Achieving financial milestones outlined in the plan

questions clients always ask about retirement

The current age to qualify for the aged pension is 67. You can access your superannuation at age 65.

However many people wish to retire sooner than that.

Technically you can retire at any age, however your ability to fund your lifestyle when no longer in the workforce will ultimately determine whether you can afford to retire early.

When can I retire?

How much do I need to retire – will my super be enough?

The Associations of Superannuation Funds of Australia (ASFA) provide guidelines on the amounts that retirees would need to have modest or comfortable retirement. 

Currently “comfortable” retirement guidelines are:

COUPLES: Approx $72,000 p.a. to live on,
with superannuation balance of approx $690,000 at age 67.

SINGLES: Approx $51,000 p.a. to live on,
with a superannuation balance of approx $595,000 at age 67.

(Source)

 Chances are that the average Australian single or couple may not have enough superannuation alone to retire.

The median average for superannuation balances for people aged 60-64 in September 2023 was:

Men: $211,996

Women: $158,806

(Source)

If you don’t have the appropriate balance in your superannuation, there are other ways we can plan to invest and manage assets to create the difference you need. If you have more funds available than the average you have a wider variety of lifestyle options to explore.

That’s why working with a financial planner to work towards your retirement goals is so important.