3 Easy Steps to Establishing a Retirement Plan


All of us want to be comfortable in our twilight years, but the fulfilment of this dream heavily relies on how we handle our current finances. You may not want to leave things to chance and instead, establish a retirement plan.

How confident are you that your savings would cover your future needs? If you do not have a concrete retirement plan, you should take this opportunity to learn more about retirement planning.

1. Know How Much You Need to Retire

It is a prevalent mistake to think that one can retire if they have a certain amount of money. While it is valid to some extent, there is more to it than that.  

You need to go beyond the dollar amount and find out what you will be spending for in your golden years. What are your plans for travel? What about your hobbies?

You may want to consider saving more than just a fixed amount, so you can expect to live your life to the fullest during your later years. It’s beneficial to plan ahead for this and know how much money you need to support your future lifestyle.

You may want to analyse your current spending habits and see whether you can cut some costs. 

For example:

  • If your current living arrangement is more than what you need, maybe it is time to downsize. If so, you may want to consider making a downsizer contribution to your super to give your savings a boost.

The first step to retirement planning is establishing how much you need to have a comfortable retirement.


2. Establish Your Financial Strategies with a Retirement Planner 

Once you have a clear idea on how much you need to save, you can start implementing some financial strategies to help you reach your target. A qualified ethical financial planner can tailor strategies to your individual needs and goals, whilst keeping in mind your values and sustainable practices. 

For example:

  • Can you make extra contributions to your super fund?
  • Is your super in the investment portfolio tailored to your risk tolerance and timeframe?
  • Do you have an investment portfolio that can provide you with an additional income stream for your retirement?

Financial strategies may seem overwhelming and choosing which ones are right for you can be complicated. 

At Novo Wealth, we make retirement planning simple! By assessing your financial circumstances and individual needs, they can help develop a plan that works for your lifestyle and get you on track to achieving financial freedom.


3. Review Your Retirement Plan Consistently Over Time

After you have developed your retirement plan and have begun implementing your strategies, it’s important to review your plan as often as you can to ensure you are:

  1. On track to meeting your financial goals, 
  2. To ensure your plan aligns with your personal circumstance and financial position as you change and grow over time.

Many people tend to procrastinate and put off their retirement planning. It can be devastating when you realise that you are behind in your retirement planning. So it’s important to plan as early as possible and consider seeking expert advice.


Start Your Retirement Plan with the experts at Novo Wealth, Adelaide!

If you need help planning for your life after employment, contact us at Novo Wealth. We offer retirement planning in Adelaide and have established a secure future for our clients. 

Book a complimentary 15-minute call today!


IMPORTANT; This information is general in nature only. It does not take into account your individual circumstances. We recommend that you seek professional advice before making any investment decision.