It’s never too early to start thinking about how you plan to retire.

A little bit of thought and preparation now can go a long way once you’ve finished your working life.

So the big question is, how much should you have in your superannuation, savings and investments to enjoy a comfortable retirement?

Well, that depends on a number of factors, including exactly how comfortable you want to be.

Lifestyle goals

When you retire, you’ll want to use your free time enjoying yourself.

Depending on your interests, that could mean anything from nights at the movies to boat tours through Europe!

As well as that, there are other costs that may need to be part of your retirement plans, including:

  • Paying for housing or your mortgage
  • Home renovations
  • Helping children and grandchildren
  • Medical costs
  • Leaving an inheritance for loved ones

Once you’ve decided exactly what costs you’ll be confronted with, it’s important to have a clearly defined retirement plan.

It’s at this point, you should try to work out exactly how much capital you’ll need.

Finding expert advice

Sadly, a recent study by the Australian Bureau of Statistics found that only five per cent of Australians will retire at the age of 65 and be considered self-funded retirees.

This shows the importance of being proactive and seeking help to make sure you are maximising your superannuation. 

A clearly defined retirement plan is critical, but unfortunately most people don’t have one.  

You might want to pass on an inheritance, perhaps you’re happy to live off the investment income generated or maybe you want to spend most, if not all, of your savings during retirement.  

Heard Financial can help you articulate what your ideal retirement looks like, understand what it will take to fund that lifestyle, assess your trajectory and then design your retirement plan to help you reach those goals. 

We’ll help you make the smart moves, top up at the right time for growth and tax purposes, and build that nest egg.

For a no obligation discussion about your needs, contact us.

This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information.

Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.