Are you financially fit for retirement?

Retirement – the word either excites or scares you. No matter what your current opinion of retirement is it’s important to ensure that your finances are in order when the time comes to hang up your work boots and kick back to enjoy your glory years.

We’ve put together a few vital points to help you prepare for your retirement milestone…

Give you super a boost

If the balance of your super account is on your mind, it is worthwhile investigating the tactic of salary sacrificing. Simply put, salary sacrifice allows you to work with your employer on contributing to your super with your pre-tax income. Although this means taking home less income than you’re used to, it’s one of the easier ways to increase your super and can prove to be tax effective in the long run.

Check out our Super Contribution Maximiser calculator for some useful projections.

Additional investments

Although your superannuation will be the key strategy to fund your retirement years, for most everyday Australians this may not be enough to live out your days quite the way you expected. It’s important to investigate how you can best invest your money now and for the future to help.

If you don’t know where to start, take a look at our Retirement Adequacy calculator for some estimates.

Make a slow transition

For the sake of your finances as well as your health and wellbeing, easing yourself into retirement is deemed as a much preferred lifestyle choice for many Australians. Not only will reducing your working hours gradually get your mind used to having extra free time, the steady, albeit reduced, income will allow you to continue adding to your savings fund whilst experiencing a semi-retirement – win win!

Gain professional advice

Finally, gaining sound financial advice about all of the above is probably the most valuable piece of the puzzle. Whether you’ve been on the receiving end of a professional financial adviser for years, or you’ve never thought it would add value to your situation – the time approaching retirement is probably the most important to seek a professional financial opinion – and we’re here to help.