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Approaching Retirement? You May Want to Try These Money Moves!

If you have talked about retirement planning to a financial advisor in our Perth office, you probably know how diligent and thorough we are in helping our clients leave nothing to chance when planning their futures. While we never give specific financial advice in blog posts due to the individual and unique nature of every financial situation, we would like to present some general actions that are worth consideration for anyone approaching retirement.

Retirement Planning with Financial Advisor in Perth

Pay Down as Much Debt as Possible

Ideally, you could start your retirement with a “clean slate,” owing nothing. We know that life is not always ideal, but paying off debts is a great place to start for most Australians.

Pay Off Your Mortgage

If you own your home free and clear, you are free of what is usually the largest monthly financial responsibility for any family. It is a lot easier to enjoy retirement when you don’t have to make a house payment every month

Set Your Affairs in Order

This means filing a last will and testament. In the event of your untimely death, your heirs will need access to your money. Lack of a will can cause it to be tied up in court. It will save a lot of grief for your survivors.

Determine How Much Money You Need to Retire On

How much money will you need to live off of when you retire? What happens if you live longer than you thought you would? Will you have enough funds?

Create a Budget

This is best done by listing what you want and need every month. Then figure out how much it costs. This will give you a great idea of how ready you are financially for retirement.

Determine How Much Income You Will Have

How much will you receive from your super fund and pension?

Call Approved Financial Planners

Don’t try to organise your retirement alone. Call a qualified financial advisor today: 08 6462 0888.