11 March 2019

Thoughts to Ponder on Before You Retire

Tagged with:

By Michael Rambaldini

Director |Certified Financial Planner |Aged Care Professional

Building a Savings Plan

When you are still working and earning regularly, you don’t often think about saving money for a distant future. But like a lot of things, regular income doesn’t last forever. There must be a savings plan in place during your earning years. Your financial adviser might provide recommendations to make voluntary concessional and/or non-concessional contributions to superannuation as a way to build savings for retirement.

Choosing the right investments

Creating the right pool of investments to generate better returns and minimise losses are considerations you need to discuss with your financial adviser. Collaborating with your financial adviser and obtaining a Risk Assessment early on will help you to build an effective investment allocation.

Knowing about the costs involved when saving for retirement

There are ways to lower investment costs which could add to balance of your savings. Being aware of these fees and doing something to keep them to a minimum can make a difference to your retirement pool. Your financial adviser can help you figure this out.

Extending your Career

Having a regular income as long as possible will help you boost and prepare for your retirement. Your superannuation contributions will benefit you when you retire. So being able to work longer helps your savings to grow. A good transition from full time work to part time work may be a better option than to abruptly stop working. 

Getting Professional Financial Advice

Each person’s financial position is different. A financial strategy used by a friend or family member does not mean that it would provide the same outcome if you applied it to your own situation. Seeking professional advice from an experienced financial adviser must be a priority if you are concerned about securing a comfortable retirement.

We can help you prepare for your retirement. For more information, you can visit our website www.verante.com.au

The author is an employee of Verante Financial Planning in Castle Hill, Corporate Authorised Representative of Magnitude Group Limited, Licence No 221557, Magnitude Group Limited ABN 54 086 266 202.