Six Things to Consider Before Retiring

Six Things to Consider Before Retiring

We spoke to Matt Collier from 5Financial about what to consider when planning for retirement and here are his 6 top tips to make sure your retirement years look the way you want them to.

Retirement is the beginning of a new era in your life. When it’s prepared for properly, it can be a time of great freedom where you can devote your time and energy to the things you really want to do. You can pursue your dreams on your terms – at your leisure. What a great feeling!

That sense of freedom does need to be earned though and a great retirement experience doesn’t ‘just happen’. To help you prepare for a successful retirement, here are our top 6 tips to consider:

1)    Not knowing your cost-of-living costs: Before quitting your job, you need to make sure you have enough money saved to cover your bills and fund your current lifestyle now and in the future.

2)    Looking at your super too late: It’s wise to consider your super earlier than later to make sure it’s healthy so you know when extra contributions might be beneficial.

3)    Underestimating inflation: We’ve all seen recently just what inflation can do to the cost-of-living. It’s important to remember the economy isn’t static and to have enough money saved to weather interest rate changes.

4)    Not knowing the benefits you’re entitled to: You could be entitled to more assistance than you think. It pays to know about it!

5)    Trying to time the markets: Near impossible.

6)    Being asset rich and cash poor: Having assets is great but you need cash to live.

An important part of our work is future planning – that is to say, helping our clients build the life they want now, and down the track including retirement. Our clients feel reassured they’re being steered in the right direction to achieve a retirement that looks the way they want it to.

People have different ideas for how they want their retirement to look and you will too. Some clients want their retirement years to be filled with adventure and travel, others long for leisure time and/or more time to spend with family, on hobbies or doing volunteer work. However, you want to spend your ‘golden years’ we can work with you to make it happen.

‍Matt is the Finance Manager (Broker) at 5Financial, a unique advisory firm that delivers expert financial solutions for individuals and businesses.