Make the most of your retirement years
Get smart with your retirement planning advice:
Retirement planning has become more important than ever with aged pension rates declining and the workforce having to wait longer before retiring. At Excel Financial Solutions we believe that you want to plan your retirement years well ahead of time. Taking a proactive approach is wise so you can develop a plan based on your lifestyle goals that serves you well into retirement.
Planning retirement early gives you the opportunity to optimise your finances, your investments and your superannuation and see the returns compound sooner. The goal for any retiree is to be comfortable and to be financially independent. No one wants to be a burden on their family. Professional advice from our team of financial advisors will help steer your decision making – so you can get the most out of life during your retirement years.
The three stages of retirement:
In Australia, life expectancy has been steadily increasing which means that we are thankfully living longer than ever before. This does create some challenges for planning your retirement and it is important to fully consider your lifestyle and the sort of budget you need to maintain that.
Generally retirement can be broken into three stages – early, mid and late retirement. You are likely to want to enjoy your early retirement which means travel, holidays and perhaps a new hobby. You may like to have casual work to supplement your savings and superannuation. When you shift to mid retirement, downsizing and focusing on being thrifty is good advice. In the later stages of retirement you may want to be close to your family and look after your health.
Did You Know?
The average age for a person to retire is about 63 years in Australia, with only 9% expecting to retire before the age of 60.
The average Australian life expectancy is now about 83 years old – which is an increase of three years compared to 2000. This means that the average person could expect about 20 years of retirement!
The aged pension is expected to be raised to 70 years by 2035. This means that there could be a large gap between retirement and being eligible for the pension – have you thought about if you could sustain yourself financially in retirement without the pension?