retirement planning

The Golden Years… a time of leisure, travel and more time with the grandchildren. This is likely what springs to mind when someone mentions the retirement phase of our lives and our retirement planning is staying the course. However, did you know that your retirement years are typically split into three main stages – the active years, the sedentary years and the frail years? While most will hope and/or plan to spend up big in the active years, it’s important…

We all have a vision of our perfect retirement. Living your dream retirement may be to travel around the country in a luxurious motor home, playing golf every day or spending more time with the grandkids. But how do you accumulate enough to pay for your golden years? How much do I need to live my lifestyle? Lifestyle is a personal choice. The big question is: How much do you need to save while you’re working to pay your preferred retirement…

Every generation thinks life will be different – and of course, each one is right – but when it comes to planning for the future, while we’re young we have a habit of thinking there is still plenty of time. After all, when you’re in your mid-thirties or even early forties, retirement is still decades away; later if the government decides so! So it pays to be different with your retirement planning now. However, like anything forgotten too long, the…

Many of us would like to think that ‘older’ means ‘wiser’, but when it comes to money that isn’t always the case. The complexity of Australia’s superannuation and pension systems doesn’t help. The upshot is that there are a number of common mistakes that retiring and retired Australians make. What are those retirement financial mistakes and how might you avoid them? 1. Underestimating how much you need The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard calculates that a…

To downsize or not to downsize is the question facing many home-owning Australians in the lead-up to or in their retirement years. And the answer is… it depends. There are many factors to consider when weighing up the decision of whether to sell the family home, downsize, or not, and which option is going to be the best for you and your retirement will depend on your personal circumstances and goals. What are retirees currently doing? Research conducted by the…

While retirement should be the best years of your life, many Australians make simple, avoidable mistakes with their finances that can leave them dependent on the age pension and without the funds to really enjoy life. However, with some simple good advice at the start of retirement, these mistakes can usually be avoided, leaving retirees to focus on what is really important and that is, simply enjoying life. Giving large sums of money to children Many entering retirement make the…

Research over recent years, on retirement advice, suggests that the secret to a long and healthy life is to continue working and to stay in control of your finances and life. The nature of work may change – fewer hours, less stress, new career – and with good planning it is possible to have all the good things associated with retirement such as more leisure, time with family, travel and new activities. What is the predicament No government can afford…

Has the topic of renting in retirement come up? Maybe you plan on living in a retirement village and want to rent your home? As record numbers of Australians transition into retirement, considering your cost of living and comparing it to your expected average annual retirement income is a crucial step in retirement planning. For many Australians transitioning into retirement, the increasing cost of housing continues to be a burden on people’s ability to pay off their property in their…