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Retirement Planning

Starting your planning for retirement sooner than later will make an enormous difference to your life in retirement. The earlier you start this process the more options you have available.

Retirement Planning Starting your planning for retirement sooner than later will make an enormous difference to your life in retirement. The earlier you start this process the more options you have available.

Seek professional advice to see where you are now and where you need to get to. To be able to retire comfortable doing the things you always wanted to do in your retirement.

  • What assets do you have now and how much are they worth ie house, other property, savings.
  • How much Super do you and your partner have
  • At what age can you apply for the pensions and will you be eligible for anything

Long Term Planning

What is it you want to do in retirement?

Do you want to travel in the first 5 years of retirement and where. Then work out the approximate cost.

Do you need to upgrade the motor vehicle and or buy a caravan or boat?

Does your home need renovating? We find most often the women would like a new kitchen.

Think about the different stages of retirement:-

Early stage of retirement

Later stage of retirement

Age Care Planning

Estate Planning

Find ways to retain and grow your income in retirement

  • Get professional financial advice as soon as possible
  • They will ask you about your goals, your risk profile and investment that suit you stage in life. The choices are account based Pension, Liquid Lifetime Annuities, Managed Funds.
  • Diversify your investments, the life expectancy is increasing to up to 90 years of age and beyond. It is important to have some of your money in growth assets like shares and property.
  • It is important to keep pace with inflation

Spending

In Retirement it is important to have an income stream that gives you enough money to live on with or without the Age Pension depending on your circumstances. It is important to budget well as you not earning any more money and need to be prudent with your spending. Splurging in the early years means you will have little for the rest of your retirement. And we know retirement is a long time now. You could be retired for 30 years.

Age Penson

It is definitely worth applying for the age pension if you are of eligible age. Even a part payment can assist meet your living expenses.

Seniors Card

The seniors card provides travel concessions, Cheaper medicines and reduced council and water rates.

Commonwealth Seniors Health Card

The Commonwealth Seniors Health Card is for those people who don’t meet the Age Penson Income Test requirements. It provides a Health Card for reduced prescriptions. Bulk billed doctor appointments, concessional rail on Great southern Rail Services. In some circumstances extra health , household, transport, education and recreation concessions offered by the state Govts.

Retirement Income Links

Councel for Aging (COTA)

Independent consumer organisation run by and for senior Australians. Protects and promotes the wellbeing of all seniors. www.cota.org.au

Department for Human Services Financial Information Service (FIS)

An independent face to face service to help you make the right decisions about your financial affairs. You can use this service at any age . For appointments phone 132300

www.humanservices.gov.au

Department of Veteran Affairs

Provides information and support for Veterans and their dependants . There services include pensions and compensation, healthcare and counselling

Financial Planning Association of Australia (FPA)

Professional Body representing Financial Planners. Has information about choosing a financial planner.

www.fpa.asn.au

National Seniors Australia

Not- for-profit organisation providing assistance to people aged 50 or over.

www.nationalseniors.com.au

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