Importance of Retirement Planning

The importance of retirement planning is up to you – how do you envisage your retirement?  Saving for our retirement should be a primary goal for all of us.  The age pension is barely enough to cover basic living expenses so most people rely on a top-up of their own money to be able to continue to afford all the things they would like to do in retirement.

Retirement Planning, for some people, can be the great unknown – when can I retire?  How much do I need?  What can I do to put myself in a better position?  Each and every one of those questions is good and very important on its own, which is why you need to start retirement planning sooner, rather than later to give yourself the best chance of achieving your ideal retirement.

How Do You Plan For Retirement?

The important thing to remember is that everyone’s idea of retirement is unique and living your ideal lifestyle in retirement involves carefully tailored planning.

Retirement planning is something that needs to be considered while you’re still working and contributing to superannuation.  It’s important to have the right financial strategy in place well before your anticipated retirement date.  This will ensure that you’re maximising your resources and boosting your retirement savings in the most effective way possible in your pre-retirement years.

Superannuation is designed to provide us with retirement income (or at the very least a top-up to the age pension).  The good news is that superannuation is still one of the most tax-effective ways to invest in this country.

How To Invest In A Retirement Plan?

To invest in a retirement plan is to invest in yourself.  Before making an appointment to speak to on of our Financial Advisers at Canny Advisory, you need to have a clear understanding of what retirement is to you.

What are your wants and needs and your non-negotiables?  Does it include, buying a caravan and going travelling around Australia?  Is it to pay for your grandchildren to get through their schooling years?  Is it to sell the family home and move to Tahiti?

It’s your retirement and it’s up to you to be able to paint the picture of your retirement years – then Canny Advisory steps in to help!  The best type of retirement plan is your own individual retirement plan.

Different Retirement Plans

It’s important to understand that each retirement plan is different and that there are no two plans that are the same.  This is because it is all dependent on you, your circumstances, and your financial position amongst other key factors.

The great thing about retirement planning is that there is always something you can do to better yourself.  From saving fees on funds to sheltering assets from Centrelink, reducing taxes paid by your estate, helping out the kids, or even using superannuation to pay down debt whilst still working.

With so many areas to consider, seeking advise from one of the Financial Advisers at Canny Advisory can greatly simplify the process and significantly improve your situation.