The first day of retirement is the day most individuals have been waiting for, the day they can finally relax and enjoy the rest of their lives.
However, making those dreams come true requires careful planning. Shockingly, 2 out of 3 or two-thirds of Australians worry that they won’t have enough funds to retire.1 Be confident about your future; let Central Coast Financial Planning Group help you secure your dream retirement.
At Central Coast Financial Planning Group, our team of expert financial advisers specialise in retirement planning. We understand the unique challenges and opportunities that retirees face, and we’re here to guide you every step of the way. Secure your financial future with us.
Retirement planning isn’t just about numbers; it’s about turning your retirement dreams into reality. Picture your ideal lifestyle: travel, quality time with loved ones, or pursuing your passions. We can make it happen.
The journey to financial freedom begins with a single step. Contact our Central Coast financial advisers today for professional advice and start building your retirement strategy. We’ll be your trusted partner on this exciting path.
Plan for Retirement: Secure Financial Freedom
Securing financial freedom in retirement requires a comprehensive and proactive approach. You can assess and plan for your future of a comfortable and
stress-free retirement by potentially focusing on some or all of the following key factors:
Superannuation Strategy
Regularly contribute to your super fund beyond the minimum super guarantee with personal contributions, and select an investment strategy that aligns with your risk tolerance and retirement goals.
Government Support
Understand the government's Age Pension eligibility criteria and benefits, supplement retirement income, and utilise government incentives for concessional super contributions, including tax benefits. You may also be entitled to additional government subsidies or concessions.
Debt Management
Pay off mortgages and other high-interest debts to reduce financial stress during retirement. Consider owning your home outright before retirement to eliminate ongoing mortgage payments.
Health Care
Understand the healthcare system, consider private health insurance for medical expenses not covered by Medicare, and plan for potential long-term care needs and associated costs.
Estate Planning
Create a will plus establish a power of attorney and an enduring power of guardianship to ensure your assets are distributed according to your wishes and someone trustworthy can manage your financial and personal affairs if needed.
Tax Strategies
Your disposable income and retirement nest egg may be significantly impacted by taxes if you do not employ a tax-efficient savings and investment strategy.
Investment Portfolio
Create a budget, diversify investments, maintain an emergency fund, and seek financial advice for a comprehensive retirement plan.
Are You Ready For Your Retirement?
Contact our financial advisers today to help you achieve financial success and security.
Recognising Your Options for Retirement Income
It’s crucial to carefully plan and diversify your sources of retirement income to ensure financial security and flexibility during your post-working years.
Seeking advice from our Central Coast financial advice team and regularly reviewing retirement plans can help you make informed decisions based on individual circumstances and goals.
Your financial adviser can offer support and guidance to help you navigate the retirement planning process or avoid retirement-related financial issues.
In addition to superannuation and investment planning, your retirement planning financial adviser can help create a well-rounded financial plan that helps you manage:
- monthly income requirements
- retirement savings
- income and capital gains tax payments
- tax implications for retirement
Speak with a Central Coast Financial Planning Adviser to learn more about your personal retirement alternatives based on your current financial situation.
Find Financial Freedom with Retirement Planning
Financial freedom is achievable with a well-thought-out retirement plan that prioritises your needs and the nest egg you need for now and in the future.
To build your individual retirement strategy, NFPG financial planners will consider:
Explore Your Retirement Plans with Us Today!
Get in touch with Central Coast Financial Planning Group today to schedule your free initial consultation and take the first step towards a secure retirement.
Retirement Planning Central Coast FAQs
If you are close to or already in retirement, a financial adviser can help you:
- Utilise super fund contribution strategies, should you wish to make any additional personal contributions or make a lump sum withdrawal.
- Create a retirement strategy by preparing for the conversion of your superannuation fund to a regular income stream (account-based pension), and investing your money to match your unique situation and objectives.
- Create a cash flow strategy if you want to gradually transition to retirement by cutting back on your work hours.
- Research other investment products, including annuities, loans to third parties, and property investment possibilities, that may be useful for funding your retirement lifestyle outside of superannuation funds.
- Find out if you qualify for the Centrelink Age Pension or any other government benefits that can help to supplement your income or cut down on your expenses.
- Make sure that, whenever possible, all recurring income or lifestyle expenses come from your cash reserves rather than the sale of assets.
The government Age Pension through Services Australia is the main source of retirement income for the majority of Australians. Unfortunately, Services Australia (Centrelink) can be challenging to navigate as government regulations, payment rates, allowances, and qualifying requirements all continue to change.
You can learn more about Centrelink’s Age Pension qualifying requirements by consulting a retirement planning specialist at CCFPG. We can work with you to develop a plan that will maximise your use of benefits while completing your financial strategy and assisting you with the Age Pension application process.
To ensure that you are always receiving the full extent of the benefits to which you are entitled, we will also conduct routine reviews.
A person’s retirement age is whenever they stop work because they choose to or due to your individual circumstances. Your retirement age may not be the same as your preservation age or the age when you can access your super fund. Your preservation age is between 55 and 60, depending on when you were born.
Meanwhile, your Age Pension age is between 65 years and 6 months to 67, depending on when you were born.
Although retirement planning is a lengthy process, there are many factors to take into account when considering a transition to retirement.
Health and living arrangements: It’s crucial to make plans now if you have any health issues or disabilities that could make it difficult for you to live independently once you retire. A key consideration is how much support you might require from other members of the household (for instance, will someone move in with you?) as well as if one person should continue to provide care.
Savings objectives: How much do you hope to have saved for retirement? What money goals do you have? Do these goals fit with other interests, like buying a house or travelling the world? If that is the case, this is a great time to do some major rethinking if those aren’t already in your plan.
Retirement spending strategy: A good number of Australian retirees are under pressure to extend their retirement funds because of the high cost of living and increased life expectancy. We understand the frustration and stress this can create, as 2/3 of Australians worry about money monthly and more than half say financial concerns are affecting their mental health. Making a spending plan and understanding where your funds are going are great places to start.
As an alternative, Central Coast Financial Planning Group may provide expert guidance, collaborate with you to help you understand where your money is going, and assist by making suggestions for methods to improve cash flow.