Retirement Planning
Retirement is one of the most significant life transitions.
As you approach the end of paid employment, it is essential that you plan for the next stage of your life, where you will be responsible for paying yourself and maintaining your lifestyle needs. There are lots of complexities that can make your retirement planning a daunting experience.
This life-changing event will impact on:
- How you think about drops in the value of your retirement savings because of market movements,
- What you consider to be a “safe” investment,
- Whether or not you will be entitled to any Age Pension benefits,
- The reality of what income your retirement savings will generate in coming years,
- How you will fund your Aged Care needs in the future, and
- Tax implications of your remaining sources of income.
All this complexity can make people apprehensive about retirement. The good news is that expert support is available and the sooner action is taken, the bigger (and better) the impact.
People typically don’t start to think seriously about their retirement savings until much later in life, which is a shame because small changes made today can quite literally be the difference between retiring with insufficient funds and having an extra million dollars in the bank to help you enjoy a comfortable lifestyle.
Two of the central challenges most of us wonder about retirement are
- (1) how much are we going to need?
- (2) how are we going to pay for it?
Considering the average age Australians retire is around 55 and people are now living well into their 80s, the average age for retirement can be 25+ years and when people start to look more closely at their super contributions and the Age Pension, Australians are often surprised to find they are not set up to retire in the way they’d like.
McLauchlan Wealth will understand your retirement goals, understand how much income you will need, how you will support your retirement lifestyle, for how long (including how to convert your super into an retirement income stream), and generally help to prepare everything you need to ensure your retirement planning is on track.
We are here to help you prepare for life after work and enjoy the good life. We’ll work closely with you in the years approaching your retirement so that this transition has the least financial stress possible for you and your family. Having a clear plan for when you finish working gives you the confidence that you are controlling what you can control, and can look forward to a rewarding and happy next stage of life.
For more information about retirement planning, contact McLauchlan Wealth today.
