Are you ready to ensure a financially stable and peaceful future for yourself?
Planning for retirement may seem daunting, but with a practical approach, you can breeze through the process with ease. While many focus on building their retirement savings during their working years, it’s essential to develop a plan that accounts for a potentially lengthy retirement. Neglecting retirement planning can leave retirees financially vulnerable to unexpected costs, underperforming investments, and insufficient funds to support their desired lifestyle.
So, how can you secure your retirement? Let’s take a look at four practical steps to follow:
Step 1: Identify Your Retirement Goals
Retirement is not just about kicking up your feet; it’s about identifying your goals for a comfortable retirement. From basic living expenses to contingency reserves, discretionary spending, and inheritance plans, it’s essential to prioritise your goals based on their importance.
Step 2: Understand the Risks Involved
Retirement planning comes with several risks, including market volatility, health issues, longevity, mortality, event risks, and tax and policy changes. By understanding these risks, you can take steps to mitigate their impact on your retirement goals.
Step 3: Evaluate Your Financial Resources
It’s crucial to assess your financial resources to ensure you’re using them efficiently. Your financial resources may include superannuation and non-super savings, age pension eligibility, annuities, insurance, housing wealth, and any additional income from employment during retirement.
Step 4: Develop a Plan to Achieve Your Goals and Mitigate Risks
By bringing together all the elements of your retirement planning, you can create a comprehensive plan that meets your individual needs. This plan should account for competing goals, potential risks, and a tailored mix of resources.
In the end, retirement planning should be about achieving peace of mind. By following these practical steps, you can secure your retirement with ease and focus on enjoying the best years of your life.
If you need help getting started, don’t hesitate to reach out to us today.
GENERAL ADVICE AND PAST PERFORMANCE WARNING
This article has been prepared by United Global Capital Pty Ltd (ACN: 154 158 273, ABN: 25 154 158 273, AFSL: 496179).
This article contains general information only and is not intended to provide any person with financial advice. It does not take into account any person’s (or class of persons) investment objectives, financial situation or particular needs, and should not be used as the basis for making any investment or financial decisions. United Global Capital Pty Ltd does not make any representation as to the accuracy, completeness, relevance or suitability of the information, conclusions, recommendations or opinions contained in this article (including, but not limited to any forecasts made). No liability is accepted by United Global Capital Pty Ltd or its directors, officers, employees, agents or advisors for any such information, conclusions, recommendations or opinions to the fullest extent possible under applicable laws.
Anyone considering making any investment decisions based on the information contained in this presentation should note that past performance, target returns or estimates of returns is not a reliable indicator of future performance and actual results can vary significantly.