First steps to planning your retirement

June 27, 2017

The question of when to retire can be one of the most exciting and daunting decisions in your life. So where do you begin when planning your retirement and to whom do you turn for help?


The first step to planning retirement is determining what the preferred terms are for your retirement. What age would you like to retire? Do you want to go from working full-time to immediate retirement or do you want a gradual wind down? How much income do you want for your retirement? What other goals do you have for your retirement?


Having a plan is always a key component of a successful outcome. You will need to look at what resources you currently have and whether they will allow you to meet your desired lifestyle in retirement. This is where a financial planner can be of value. A financial planner can help you to determine what the terms are for retirement and can use cash fl ow projections to show the ability of your resources to meet your desired income in retirement.


Now that you know how much regular income you want and any lump sum needs, it’s time to put an investment strategy in place to start working towards achieving these goals. Your investment strategy is unique to you and needs to consider the level of risk you are willing to take on as well as your goals.

Your plan may also need to incorporate strategies to increase your eligibility for the age pension. A fi nancial planner can help you to implement a suitable investment strategy which considers your needs and objectives.

An adviser can also help you to see any areas in your plan which may need special attention — such as changes in legislation — or any adjustments to your strategy due to a change in your circumstances.


Whatever your fi nancial situation or age, a qualifi ed fi nancial adviser can help you design a fi nancial plan that will help make the most of what you have when you decide to retire.

Do you have any tips for planning your retirement? Share them with others in the comment section below. 

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