Retirement Planning
It’s the question we get asked more than any other “Is there an amount of money that I need to retire?” and predictably the answer is not as straightforward as you would hope.
Why? Because everyone in their working lives, individual living and lifestyle costs, vary greatly from each other. We all have different retirement goals and the expense of these varies dramatically.
There are no right or wrong retirement goals, but there certainly is a right and wrong way to ensure that you have the ability to fulfil these goals.
Retirement is not as easy as we all think. It can be very daunting to know that you’ll wake up one day and there’ll be no pay cheque, no regular working income coming in.
With experience we have seen that proper forward planning will make the decision to retire easier and you can make this decision with a clear mind without regret.
Some common retirement goals and how they can differ:
- Travel – obviously the great European trip is more expensive than joining the grey nomads and travelling around Australia.
- Vehicle upgrades – a small run-around will always be cheaper than the 4WD and caravan.
- Home upgrades – putting in a new bathroom/kitchen as compared to a coat of paint and general spruce up.
- Helping the kids – providing for education costs for grandchildren, assisting with home purchases etc or the occasional hand when they need it.
Whatever your financial planning needs the most important outcome of the advice is that it should be appropriate in your personal situation.
You need to understand how and what you are paying for your advice. You also need to understand any circumstances which may influence the advice you are receiving in particular the way your adviser is being remunerated.
Shane Butler Financial Services Pty Ltd – Authorised Representatives of Consultum Financial Advisers Pty Ltd an Australian Financial Services Licensee, Registered office at Level 6 161 Collins Street Melbourne 3000 and a member of the National Australia group of companies.