Some of us want to retire and travel. Others wish to have more time for family. And some of us may want to find a new purpose in life after we retire.
No matter what you want to do, here is a list of crucial things to think about When you plan for your Golden Years.
5 Important Things to Think About as You Plan for Retirement:
1 – What Age Would You like to Retire?
This is a very important question because so many of us have no idea when we want to retire. It is important to know this because it will condition everything else.
Your ideal retirement age will affect your finances, retirement savings, what you can do in retirement, and your plans for retirement.
Keep in mind if you’d like to access your super for retirement you must be at the ‘preservation age’, which is between 55 and 60 years of age- depending on your year of birth.
2 – What Would You like To Do When You Retire?
To make the most of the time you have in retirement, you may want to start thinking about what you want to do. If you are simply hoping to travel and take it easy, your retirement will be different than if you want to travel full time.
There is nothing wrong with either of these, but its important to have a plan in place to help you achieve your desired outcome. Also, it’s crucial to ensure that you will have enough funds for what you want to do – whether that’s a low maintenance lifestyle or if you have extravagant plans to travel the world.
If you aren’t sure how much you should have, seek expert advice from a financial adviser.
Novo Wealth in Adelaide can help you reach your retirement goals and share options of how you can invest ethically and responsibly through your superannuation fund.
3 – Where Would You Like to Live in Retirement?
This one is important because it can tell you a lot about your expectations and the type of retirement you want.
If you want to spend winters on the French Riviera and summers in Noosa, this means you will have to save a lot and have enough income to make it work.
If you are satisfied on a small coastal town next to the beach, your housing costs are likely to be far cheaper.
4 – What Types of Activities Are on Your Bucket List?
This is something you may want to take the time to think about. It can be a great idea to start with a list of all the things that come to mind when you think of what you’d like to do during your retirement years.
Maybe you want to join a local club or find a new hobby like fishing? Maybe you want to travel and see the world, or maybe you want to volunteer at a local charity?
No matter what you plan, it is crucial that you have enough money to be able to afford to tick things off your list. Retirement is the time you get to do all the things you’ve ever wanted.
5 – How Financially Prepared Are You For Retirement?
This is a crucial question because knowing your financial status can help you determine what you have to do now to achieve your vision for your golden years.
It can be disappointing learning that your finances are not in order when you are close to retirement.
Seeking financial advice from a professional financial planner will help get you where you need to be.
The above are some important questions you may want to ask yourself. But if you are close to retirement, you should consider talking to a financial professional as well.
Planning ahead is the best way to make your retirement as comfortable and as enjoyable as possible.
Seeking professional retirement advice? Come to Novo Wealth!
We are the ethical financial advice specialist for professionals and business owners who want to invest responsibly.
Novo Wealth specialises in transitioning people from working life to their dream retirement. Contact us today!