Changing family circumstances, low interest rates, reduced superannuation balances, share market volatility and now an economic recession... there are many factors that can threaten to rob you of your dream retirement.
It’s important to be proactive if you want to stay on track financially. And if you are in your fifties or beyond, retirement is no longer a far-off dream, but a reality travelling toward you at speed.
The key is to be proactive when it comes to preparing financially for retirement. You need to consider what circumstances have changed that may influence your financial position or create financial detours, and take action (if needed) to stay on track to achieve the retirement of your choice.
When re-visiting your financial planning for retirement, it’s important to consider the following priorities.
Income planning and debt management
For pre-retirees affected financially by changing circumstances, cashflow and debt management strategies should take on a new urgency. We can help you bolster your superannuation savings and investments through debt management and income planning that considers your immediate needs and longer-term goals.
Developing an income plan that incorporates your individual requirements such as an inheritance, retirement bonus or other significant financial windfalls within the context of your overall wealth accumulation needs and tax position is important. We can also assist with debt management strategies, whether it be prioritising debt to improve cashflow or leveraging debt for wealth accumulation purposes.
Setting up sustainable income streams
A key focus for our retired and close-to-retirement clients is establishing sustainable income streams as you transition from employment income. We can help you articulate your likely living expenses, cash flow requirements and income which may include any Centrelink benefits, to understand the costs associated with the retirement lifestyle of your choice.
We can also help you establish, plan and manage your income streams which may involve drawing from superannuation or SMSF’s, Centrelink entitlements and dividends or income associated with investments in alignment with your circumstances and overall economic conditions.
Protect your financial position
Maintaining appropriate insurances during periods of wealth accumulation as you progress towards retirement is important. Personal insurances provide a financial safety net so you can continue to meet your financial obligations in the event of an accident or serious illness.
While affordable premiums are important, the careful selection of policies specific to your set of circumstances is vital. We can help translate the insurance terminology and definitions, so you know exactly what’s covered, and importantly, what’s not. Regular reviews also ensure appropriate levels of cover are maintained or reduced as your life stage evolves and your circumstances change.
Protecting your assets and implementing tax effective structures to make the most of your financial position (in collaboration with your other professional partners) is important too. You’ll need to consider your current situation and your longer-term goals such as your legacy wishes.
“I have known both Chris and Matthew Lane for many years and have been very happy having them advise and take care of my finances. I have found them to be both very professional but in a casual and friendly manner that has instilled a level of trust and confidence that I consider essential in these matters. Their company and its broader staff have been similarly very friendly, approachable and responsive. I have recommended them to a number of my friends and colleagues who have been equally very satisfied with their service. — PROF G. CLEGHORN - PAEDIATRIC GASTROENTEROLOGIST”
At Wealth Fundamentals we specialise in financial strategies for pre-retirees and retirees. To prevent the retirement of your choice from slipping through cracks please contact us on 07 3720 1299 or email admin@wealthfundamentals.com.au to arrange an obligation-free appointment to help secure your financial future.
Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. Wealth Fundamentals strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances. This information is based upon our understanding of legislation at the time of writing. Such legislation may be subject to change.
This publication cannot be reproduced in any form without the express written consent of the author.