Australians are living longer than ever, thanks to better health and medical advances. That means the longer you live, the more money you will need for your retirement.
Whatever your plans, itโs vital you have a strategy in place so that you can build your retirement savings as much as you can before you retire. In a recent survey of over 12,000 Australians, it was found that 92% of those with an adviser have greater control over their financial situation.*
๐๐๐๐ข๐๐ ๐จ๐ง ๐ฒ๐จ๐ฎ๐ซ ๐ฅ๐ข๐๐๐ฌ๐ญ๐ฒ๐ฅ๐
When it comes to focusing on your retirement plans, taking the longer view does make a difference. 88% of advised clients said that their adviserโs help had allowed them to be free from financial worries*. While you may be focused on mortgage payments or rent, family needs and work pressures now, itโs the right time to look to your future. Also, think about where you want to live. Will you be downsizing? Moving to the beach, the countryside, or staying put?
๐ ๐ข๐ ๐ฎ๐ซ๐ ๐จ๐ฎ๐ญ ๐ก๐จ๐ฐ ๐ฆ๐ฎ๐๐ก ๐ฒ๐จ๐ฎ ๐ง๐๐๐
Once you have decided ๐ก๐จ๐ฐ and ๐ฐ๐ก๐๐ซ๐ youโd like to live, you will need to set up a plan to achieve what you want. Here some of the things you should look at to see if you are on the right track:
Superannuation โ is your super invested appropriately? Do you need to contribute more now so that you have enough for the future?
Investments โ if you have managed funds, shares or property, are they invested strategically to help accommodate your changing lifestyle?
Taxation- are you using all the available strategies out there, to ensure you are minimising your tax?
Insurance โ do you have the right level of life, disablement and income insurance? Are you and your family covered if anything happens?
Daily finances โ are you spending money on things you donโt use? If the kids have moved out, are there ways you can scale back?
๐๐ญ๐๐ซ๐ญ ๐๐๐ญ๐๐ก๐ข๐ง๐ ๐ฎ๐ฉ ๐ง๐จ๐ฐ
If you feel like you are further behind than you thought for your ideal retirement lifestyle โ youโre not alone. However, it is never too late to make a change. You could be at the peak of your earning potential, so you have a real opportunity to save more, have great strategies in place, and make up for lost time.
๐๐จ๐งโ๐ญ ๐ฉ๐ฎ๐ญ ๐ข๐ญ ๐จ๐๐
Putting your plans in place for retirement early really does deliver. 89% of those that had a financial adviser felt that receiving advice allowed them to live their desired lifestyle*. Most importantly, it was found that the benefits of advice or the โadvice dividendโ was felt across age, wealth and gender โ removing long-held beliefs that advice only benefits wealthier or older Australians.
๐ ๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐๐๐ฏ๐ข๐๐ ๐ฆ๐๐ค๐๐ฌ ๐ ๐๐ข๐๐๐๐ซ๐๐ง๐๐
At True Journey Financial, we can provide you with professional & personalised financial advice. We have been providing a friendly and family-oriented service since 2014. We assist clients all over Australia by way of virtual meeting.
So, if youโre ready to start making plans for your retirement, call us on 0732620021 or click here to book in a free discovery call with Tamara.
*Source: IOOF Survey 2020: The True Value of Advice โ A study of 12,643 Australians conducted via COREDATA True Journey Financial Planning Pty Ltd is Authorised Representative of Consultum Financial Advisers Pty Ltd, ABN 65 006 373 995. Part of the IOOF Group. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner.