Today, we live longer and healthier lives (the average life expectancy in Australia is just under 84 years old) but still typically retire at 65 years old. This means we could spend almost 20 years retired!
Yet, many of us don’t give retirement much thought, causing ourselves undue stress and anxiety. With a plan in place, periodic updates and small adjustments, Green Associates can set you up to enjoy the retirement you desire.
What is Retirement Planning?
Retirement can be emotionally and logistically overwhelming in both positive and negative ways. By implementing a plan with Green Associates, you will better manage your finances, lifestyle, and priorities for a seamless transition into retirement.
Retirement planning helps you:
- Decide when you want to retire and what the lead-up looks like
- Prioritise what matters most for your lifestyle and spending
- Understand what government benefits you may be eligible for
- Preserve your financial stability and wealth by paying off debt and boosting your savings.
How can we help with Retirement Planning?
Here are some practical questions Green Associates can help answer:
- How much will I get from super and government benefits?
- How long will my super and government benefits last?
- If I downsize my home in retirement, how would this impact my cash flow, tax and government benefits?
- What is a reverse mortgage?
- Should I keep or sell my shares and investment properties in retirement?
- If I work longer, how much can I boost my savings and super by?
A Green Associates Financial Planner and Adviser also guides you through identifying with your retired self to better understand what retirement will look and feel like. This includes picturing how parts of your life that are hugely impacted by work will change, such as your social life, recreational activities, and sense of identity.
It also involves planning how you’d stay active and healthy, how you’d manage and afford changing health needs, how you can continue to support dependents, and more.
With specialists in Canberra, Brisbane and Goulburn, book an appointment today to start planning your retirement.
What do we do for you?
A Green Associates Financial Planner and Adviser helps you:
- Implement a budget and plan now so you can pay off debt and boost savings
- Decide on how to best boost your super, understanding the tax implications
- Review your investment strategies and options
- Create a ‘Transition to Retirement’ plan
- Plan for a move into Aged Care
- Make an Estate Plan.
Our advisers do all the above and more, with the goal of helping you create the retirement that you want.
Why is Retirement Planning important?
As aforementioned, the average Australian could spend over 20 years in retirement. If we want to maintain our lifestyle in retirement, planning is essential.
Planning is especially important because it seems most Australians don’t understand super. In an ABS survey, 53% of respondents who were intending to retire expected super to be their main source of income. Yet, data shows that super was the main source of income for only 19% of retirees.
Moreover, 80% of pre-retirees find retirement planning “moderately complex”, according to a survey by Super Consumers Australia.
With the expertise of Green Associates, planning can be made more understandable, less stressful, and more strategic.
When should you start planning for retirement?
The preservation age in Australia is between 55 and 60 years old. This is when you can start accessing your super, and typically when retirement comes onto most people’s radars!
However, you can start planning for retirement at any age. The earlier you start, the easier it will be to live out your ideal retirement. Use our finance calculators to start exploring and book an appointment today for specialist advice on planning your retirement.
Find out more
If you are planning your retirement or thinking to reduce your working hours, contact Green Associates today to set up a consultation with a retirement planning adviser.
We can provide expert guidance and peace of mind on your journey to retirement.