The Financial Planning process is one of the most critical components of determining whether you will be able to enjoy your ideal retirement or suffer a retirement of low cash, compromises, and Centrelink queues.
If you can try to avoid these following most common mistakes, and identify your personal and financial goals, will can have a better probability of ensuring that you don’t run out of money in retirement.
Here are seven mistakes to avoid:
- Chasing the market: you try to profit off the latest trends. Instead you should consider investing regularly and consistently.
- Assets vs Liabilities: You only focus on repaying your low interest mortgage before focusing on your retirement plans.
- Philanthropic: You jeopardise your own retirement by helping family members instead of helping yourself.
- One last splurge: You take on additional debt in the final stages of your working life, without considering how this will impact other areas of your wealth accumulation.
- Avoiding regular reviews: failing to stay up to date with all the tax, superannuation and legislation changes that can impact your retirement.
- No Plan B or Contingency Plan: have you considered all potential risks e.g. political, health and unexpected risks.
- Comprehensive life and financial goals: how can you create a plan for the future without goals?
A great Financial Adviser can turbo-charge your retirement accumulation with expert knowledge in areas like superannuation, Centrelink, taxation, investment options and suitable strategies for you and your family.
Engage with our experienced team of Advisers – we have a combined 180 years’ of knowledge and experience to support you in achieving your desired level of retirement income. Book an initial consultation at one of our office locations in The Junction, Erina or Sydney CBD – your first appointment is complimentary, so you have nothing to lose.
The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Central Coast Financial Planning Group is a subsidiary of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information, please contact our office to opt out.