We will all retire from our careers at some stage in our life. While the standard retirement age is 65, there is no reason that this has to be set in stone. With planning and expert guidance, you may just be able to pick your own retirement age.

While retiring can be a bittersweet notion, it is a reality that we would all have to face in one way or another. The good news is that retirement doesn’t have to be daunting. Truthfully, the word “retirement” doesn’t have to be negative at all.

While it is far too common for Australians to worry about their retirement – specifically if they will have enough money – it doesn’t have to be that way.

As they say, when one door closes, another one opens – and the same thing can be said about retirement life.

The great thing about retiring is that you finally get to enjoy all the things that you weren’t able to do during your working years, such as spending time with the grandkids, holidaying and working on your hobbies.

Planning Your Investments

Nobody deserves to stress about their finances in retirement.

While it is always wise to save up while you’re young, it’s also beneficial to plan out your post-retirement investments. Doing so will enable you to retire on your own terms with comfort and peace of mind.

The following are just a few of the alternative investment ideas you may try out for your post-retirement plans:

1. Invest in Your Own Business

This may sound counterintuitive – isn’t retiring all about sitting on your porch all day without worrying about sales and deadlines? The thing about running businesses is that they do not actually have to be very stressful.

As a retiree, you may choose what type of business you’d want to form and invest in. You don’t actually have to be directly involved in the business; you may prefer to just be a financial investor and reap the benefits without having to get your hands dirty!

2. Invest in Bonds

A bond can refer to a loan from the government or a corporation.

When you invest in bonds, you’re lending money to a company or government. In return, you get regular interest payments, called coupon payments. If you hold the bond until maturity, you get back the face value of the bond. The interest income you will acquire from the bond can be a good source of income, especially if you plan their maturities from the get-go.

3. Invest in a Rental Property

If you were able to save up a significant amount, you might want to buy a rental property in preparation for your retirement.

While you wouldn’t be using the property, this could be a stable source of income for your retirement and as the house is likely to increase in value, you will be able to sell your investment property at a later date and receive capital gains.

Just because you’re already retired doesn’t mean that you can’t have an income. In fact, having other income sources in retirement is a great way to secure financial freedom.

Planning out your retirement and thinking about different investment ideas ensures that you have a steady source of income, effectively giving you the chance to relax, travel, and enjoy new experiences.

Plan out how you’re going to spend both your retirement life and your savings and from there, choose a post-retirement venture that would work best for you.

Finally, it’s important to remember that you should avoid putting all of your financial eggs in one basket (in other words, diversify!) and different investment options can impact your future Centrelink entitlements.

If you want to make wise investment decisions for your retirement, seek help from a financial adviser on the Central Coast.

Look no further than Central Coast Financial Planning Group. Our team of experienced financial advisers are here to help you manage your investments and assist you in making sound financial decisions. Book your initial meeting to learn more about our financial services and retirement planning.