Planning Your Retirement Income
To plan a comfortable retirement income, you have to assess the kind of lifestyle you'll want to live. This will help you assess your current financial position and determine the right strategy and actions you'll need to take to get there. Here's some common questions you can ask yourself when thinking about retirement:
- What is the cost of your current or preferred lifestyle?
- How do you want to retire?
- How are you controlling your costs?
- What type of retirement lifestyle are you picturing for yourself?
Answering these questions will give you a clear picture of your estimated budget and how much income will be needed to cover your costs. From there, you can start looking at government pensions, your super contributions, and the extra personal savings that can make your dream a reality.
Understanding Taxes In Retirement
When it comes to tax and government implications, this can change over time. For this reason, it’s always best to talk to a professional financial advisor who can assist you with tax approvals and superannuation withdrawals. The amount of taxes you pay in retirement largely depends on the account that you hold.
The rate of return is then only calculated on an after-tax basis. After-tax rates of return can seriously affect your overall income planning and is a crucial component of the retirement process. Thankfully, as you age, the return thresholds decrease due to the low-risk nature of retirement portfolios.
How Soon Could You Retire?
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Finding The Right Financial Advisor
Finding the right financial planner to assist you with your retirement can transform your investment strategy, your results, and your retirement. A team of trusted professionals are better qualified to understand the full scope of your financial needs while balancing the risks.
Thankfully, our team is fully equipped to handle all and any of your retirement planning needs. For a safer and more fulfilled transition into retirement, financial planning is best done early and with an advisor you can trust.
Thank you Chase Edwards for helping me secure my financial future...my Mortgage is now reducing...I have saved tax and the process was very easy..The professional staff were fantastic. .highly recommend that people should seriously make the appointment for the consultant to come to your house..it will be the best thing you can do for yourself Jo.
Wow!! If I didn’t answer my phone I wouldn’t have been able to buy my dream car, the telemarketer was patient with me and I went ahead with appointment and yes, the consultant found tax savings for my partner and me that my accountant and financial advisor didn’t!!! Was a bit surprised because I pay for my advise and chase Edwards appointment was free!,, I am impressed!!!!! Thank you. Always a pleasure when thinking about my savings because I love saving money!!!!!
My partner and I were very impressed with the team at Chase Edwards. They explained the wealth strategy concept well and gave us immediate feedback each step of the way. Steve, Stuart and Michelle were accommodating and professional during each step of the process. Although we had some unavoidable issues along the way the Chase Team kept us well informed and tried hard to ensure we achieved the best possible outcome.
The Chase Edwards team have looked after every aspect of this investment venture and as a result we have tenants in and are on our way to creating our own financial security in our latter years. I would recommend Chase Edwards to anyone considering purchasing an investment property. They kept us informed of all developments, organised for us to attend hand over and paid for accommodation and a hire car to do so and worked with us to create a mortgage reduction program. The property is at Hamlyn Terrace on the Central Coast. I can only guess how much they have saved us – I would imagine it was in the thousands!
They make it all so easy and it takes the stress away from us. In far less than 12 months Chase Edwards has helped us in building and setting up an investment property. They assisted us with every stage from organising our finances to seeking out tenants, who will be in within a week of the handover. Everything ran smoothly along the way, I did not think the process of setting up a new rental property would be as simple as it was through Chase Edwards. They make it all so easy and it takes the stress away from us. I would recommend you attend one of their seminars or contact them directly to make an appointment.
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Chase Edwards was a great experience, staff were very knowledgeable, helped my family out in a big way. Haven't looked back since.
Going into Early Retirement
While we all wish to go into early retirement, you will have to take into consideration when you can withdraw your super. This ranges from ages 55 to 60 based on when you were born. If you do access your super prior to reaching 60, the amount of tax you’ll pay will differ. Withdrawing a super lump sum before your preservation age will result in a 22% tax payment or a marginal tax rate. This will be charged based off of which is lowest.
However, if your super withdrawal age doesn’t match up to your life plan and goals, there are a few ways for you to mitigate the risks of living without a super income. These strategies include:
- Slowly retiring from work and accessing your fund via the transition to retirement strategy
- Start financially planning early with an active savings schedule
- Pay off any loans or debts
- Boost your super contributions
- Build your investment portfolio with both long and short-term items
Staying on Top of Your Retirement Investment
Early planning is key to an enjoyable retirement. Understanding your goals, timeline, and super contribution strategies is a great way to plan for the future. To achieve your retirement goals, you have to make sure you’re investing in the right mix of portfolio assets. A common way to go about retirement planning is to construct a portfolio of both stock and bond index funds.
Although this can be done by yourself, talking to one of our advisors about a sound investment strategy comes highly recommend. This person will work with you to help craft a strategy that is right for your current and future circumstances.
How Soon Could You Retire?
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The Benefits Of Early Retirement Planning
While it may not sound overly exciting to plan for your retirement now - the advantages of early retirement planning are well worth the time invested. Such benefits include:
- Ability to stop working sooner
- Ability to reduce your work hours
- More money to retire on
- Having a clear financial end-goal Less stress/worry in retirement
- More money to leave as an inheritance