Retirement Planning

Planning for your retirement can be overwhelming + there are many factors to consider in your pre-retirement years!

Retirement Planning

Importance of Retirement Planning

The importance of retirement planning is up to you – how do you envisage your retirement?  Saving for our retirement should be a primary goal for all of us.  The age pension is barely enough to cover basic living expenses so most people rely on a top-up of their own money to be able to continue to afford all the things they would like to do in retirement.

Retirement Planning, for some people, can be the great unknown – when can I retire?  How much do I need? What can I do to put myself in a better position?  Each and every one of those questions is good and very important on its own, which is why you need to start Retirement Planning sooner rather than later to give yourself the best chance of achieving your idea of retirement success.

How Do You Plan For Retirement?

The important thing to remember is that everyone’s idea of retirement is unique and living your ideal lifestyle in retirement involves carefully tailored planning.

Retirement Planning is something that needs to be considered while you’re still working and contributing to superannuation.  It’s important to have the right financial strategy in place well before your anticipated retirement date.  This will ensure that you’re maximising your resources and boosting your retirement savings in the most effective way possible in your pre-retirement years.

Superannuation is designed to provide us with retirement income (or at the very least a top-up to the age pension).  The good news is that superannuation is still one of the most tax-effective ways to invest in this country.

How To Invest In A Retirement Plan?

To invest in a retirement plan is to invest in yourself.  Before making an appointment to speak to one of our Financial Advisers at Canny Advisory, you need to have a clear understanding of what retirement is to you.

What are your wants and needs and your non-negotiables?  Does it include, buying a caravan and going travelling around Australia?  Is it to pay for your grandchildren to get through their schooling years?  Is it to sell the family home and move to Tahiti?  

It’s your retirement and it’s up to you to be able to paint the picture of your retirement years – then Canny Advisory step in to help!  The best type of retirement plan is your own individual retirement plan.

Different Retirement Plans

It’s important to understand that each retirement plan is different, there are not two that are the same.  This is because it is all dependent on you, your circumstances, and your financial position amongst other key factors.

The great thing about Retirement Planning is that there is always something you can do better yourself.  From saving fees on funds to sheltering assets from Centrelink, reducing taxes paid by your estate, helping out the kids, or even using superannuation to pay down debt whilst still working.

There are so many scopes of advice that it can be overwhelming and where seeking advice from one of the Financial Advisers at Canny Advisory can put you in a significantly better position.

Retirement Planning FAQs

The best way to plan for retirement is to start early and be consistent in your savings and investment efforts.

It is important to determine your retirement goals and estimate how much money you will need to support your desired lifestyle.  Based on this, you can create a retirement plan that includes saving a portion of your income, investing in a diversified portfolio, and potentially seeking the help of a financial adviser.

The amount of Age Pension you will receive when you retire depends on several factors, including your age, income, assets, and the government’s eligibility rules.

In Australia, the Age Pension is income and asset tested, so your eligibility and the amount you receive will be based on an assessment of your financial circumstances.

Retirement planning is important because it helps ensure that you have enough financial resources to support yourself during your golden years.

By planning for retirement, you can help to ensure that you are able to maintain your desired lifestyle, pay for healthcare and other expenses, and provide for your loved ones.

The amount of money you will need to retire depends on several factors, including your desired lifestyle, inflation, healthcare expenses, and the length of your retirement.

It is generally recommended to aim to replace 70-90% of your pre-retirement income in order to maintain your standard of living.  

A financial adviser can help you create a personalised retirement plan that takes into account your unique circumstances and goals.

Trust Canny Group With Your Retirement Planning

What do you want your Retirement Plan to look like?  The opportunities are endless but we want you to be as prepared as possible for retirement as these are the golden years you have worked so hard towards for a significant amount of time.

Regardless of where you are sitting when it comes to considering your retirement it is important that you start as early as possible to give yourself the best chance at making your dreams, a reality!

Planning for retirement can be overwhelming and there are many factors to consider in your pre-retirement years – but Canny Advisory is here to make the process easy and pain-free.

If you would like to ensure that you are giving yourself the best opportunity at retirement, download our free guide to unlock more information!

Enter your details below to access our free guide and please make sure “pop-up’s” aren’t blocked so you can view the document once it has finished downloading!

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