Already Retired
If you are already retired, then you probably have 3 key financial concerns on your mind:
- Having sufficient income
- How safe are your investments
- And will your money live as long as you
These three concerns should be the 3 pillars upon which any financial plan for retirement is built. It is quite different to any other financial plan.
Like any financial plan, starting with a well built, robust strategy is a smart way to go. Developing a strategy that achieves:
- The right amount of regular income
- Surety of income
- Protection of any wealth you have already created – regardless of how little or how much
- Some opportunity for capital growth to, at least, protect your money against inflation vultures
- Access to lump sum cash in the event you need it at any time
- Maximising your Age Pension benefits
Once you know your strategy, then you can choose the right products that will support your strategy. These products may include superannuation, different income streams, cash, and/or ordinary money investments.
Many people make the mistake of deciding on their strategy based on what their current super fund can offer. This approach really does hamstring you because even the best super funds can only provide for a couple of alternate strategies. This means that you are closing yourself to all of the other alternative strategies and more than likely putting your hard earned at more risk.
