The keys to a comfy retirement

3 May 2024, 2:45 am

The keys to a comfy retirement

A strong area of interest for many of our clients is ‘how to have a comfortable retirement’.

Our team wanted to provide you with some tips on how you can prepare for that retirement. Be comfortable in the knowledge that getting these steps in place, you’ll be in a far better position when you do decide to retire.

No matter what retirement looks like for you, it is good to understand what steps you need to take to get to your ideal outcome.

As Lord Baden Powell, founder of the Scouts movement said – “be prepared”

Here are 7 tips we’ve curated to assist you reach your desired comfortable retirement:

1. Get Started Early

The best time to begin saving for retirement was yesterday, the second best time is today. We recommend you start as soon as possible to take advantage of compounding interest.

In Australia, we have the benefit of a superannuation system that helps you have for retirement with low tax implications, so make good use of this long term saving strategy.

2. Contribute Regularly

You should make consistent contributions to your retirement savings. An ideal goal to set would be to contribute the maximum amount allowed by your super fund each year.

3. Diversify Investments

Spread your retirement savings across different types of investments, such as stocks, bonds, and real estate. This helps to reduce risk and increase potential returns over the long term.

The specific spread of investments that you have will be related to your personal risk profile and your situation. This is an area our experts would discuss with you in planning meetings to identify the ideal structure for your circumstances.

4. Monitor and Adjust

Preparing for retirement is never a set-and-forget approach. You should regularly review your retirement savings and investment strategies.

Adjust your contributions and investment allocations as needed to stay on track with your retirement goals.

5. Consider Downsizing/Debt reduction

As retirement age approaches, one action you could consider is downsizing your home to reduce expenses and free up equity.

This can provide additional funds for retirement or help lower ongoing housing costs. The ideal scenario is that you enter retirement with no debt remaining on the home you live in.

6. Plan for Healthcare Costs

The data suggests that we spend most money on our health in the last decade or two of life. It is important to have good health insurance and to factor in potential healthcare expenses when planning for retirement. Consider purchasing private health insurance or setting aside funds specifically for medical needs.

7. Seek Professional Advice

Last but not least, we strongly recommend you consult with a financial advisor or retirement planner to create a personalised retirement plan that fits your specific circumstances and goals.

A qualified advisor can help you navigate complex financial decisions and ensure you’re on track for a comfortable retirement.

The team at Finwell Group are highly qualified and experienced to help you. Of course, we’d love you to consult with our experienced and friendly team, but what we are mainly concerned about is that you get the right help for you so please ensure that you consult with someone who has the right qualifications and experience to get you the results you need.

In recent surveys, we found too many people consult with the wrong people to get help on retirement plans. Either they can rely on friends & family guidance who are not experts in the area, or perhaps knowledgeable in different areas of money and finance that aren’t relevant to your requirements.

And there you have the keys to a comfy retirement.

Call Finwell Group on (03) 9017 3235 or email for a no-obligation and complimentary initial review meeting valued at $249.