YOUR RETIREMENT
Planning for retirement involves more than deciding when to stop working. A Fiducian financial adviser can help you understand how much you may need for retirement, consider your superannuation, investments and other assets as part of your broader financial position, and develop a financial plan based on your goals, lifestyle and circumstances.
FINANCIAL ADVICE
Preparing for retirement requires you to consider a number of financial decisions. A financial adviser can help you understand where you stand today, what you may need for the future and the strategies available to help you work towards the retirement you want.
Depending on your circumstances, retirement planning advice may help you consider:
A Fiducian financial adviser can bring these considerations together in a financial plan based on your individual circumstances, priorities and retirement goals.
PLANNING AHEAD
The earlier you start planning for retirement, the more time you may have to understand your financial position, consider your options, and make informed decisions.
For many people, retirement planning becomes particularly important in the five to ten years before retirement. This can be an opportunity to review your superannuation and investments, consider your future income needs and understand whether your current financial position is aligned with the retirement you have in mind.
If retirement is closer and you haven't previously sought financial advice, it is not too late. There may still be strategies and decisions worth considering before you retire, as well as choices about how you structure your finances once retirement begins.
A financial adviser can help you understand where you stand today and the steps you may wish to consider as retirement approaches.
RETIREMENT READINESS
How much you need for retirement will be different for everyone. It will depend on the lifestyle you want in retirement, your expected spending, when you plan to retire, your superannuation and other investments, and how long your savings may need to last.
Understanding these factors together can help you estimate both the annual income you may need in retirement and the savings required to support it.
RETIREMENT QUESTIONS
You can generally access your super once you reach your preservation age and meet a condition of release, such as retiring. If you're aged 60 or over, you may also be able to access super benefits from an employment arrangement that has ended. If you are still working, you may be able to access some of your super through a transition-to-retirement income stream. From age 65, you can generally access your super whether you continue working or not. There are also limited circumstances where super may be accessed earlier.
The amount of super you may need will depend on your individual circumstances rather than one figure that applies to everyone. Important factors include when you plan to retire, your desired lifestyle and spending, other savings and investments, whether you are eligible for the Age Pension and how long your retirement savings may need to last. Looking at these factors together can help you estimate the savings and income you may require throughout retirement.
Yes, in some circumstances you can continue working while accessing your super. From age 60, a transition-to-retirement strategy may allow you to receive an income stream from some of your super while you continue working. Once you turn 65, you can generally access your super regardless of whether you continue to work. The appropriate approach will depend on your circumstances, including your income, superannuation and retirement plans
The income you may need in retirement will depend on the lifestyle you want, your regular living expenses and the additional costs you expect along the way. It is worth considering expenses such as housing, health care, travel and leisure, as well as allowing for unexpected costs. Your income may come from a combination of superannuation, investments, other savings and, if eligible, the Age Pension.
Eligibility for the Age Pension depends on your age, residency, income and assets. Age Pension age is currently 67, and income and assets tests determine whether you may receive a full or part pension. The thresholds can change over time, so your eligibility may also change as your financial circumstances change.
Planning retirement
