Retirement once a simple rite of passage generally expected at age 65 is a far more complex beast in society today.
Firstly, people’s attitudes towards retirement have changed. They want to do more and experience more during retirement. There are many people who are nervous about retiring, fearing boredom or a loss of purpose without work. There are also many people in their 50’s who financially aren’t ready to retire. They have only just emerged from or are still in the heavy spending years of mortgage and school fees. Then there is the matter of longevity, living longer than your superannuation was planned to last with the increase in the average life expectancy.
Changes in legislation in the past few years have provided an increased number of avenues for people to improve their retirement plan, super and even their tax situation. Transition to retirement is a flexible way to move from work to retirement, it creates options for people wanting to reduce their working hours but maintain or supplement their income while there is no requirement to retire permanently.
The good news is that it is really never too late to plan for retirement. So, no matter what age you are or whether you are salaried, or self-employed, have a managed or self-managed superannuation fund, we in partnership with our affiliate Rebecca Howarth (Financial Planner) can assist you to carefully consider and create an accurate assessment of your financial and personal situation to balance your immediate needs with those required in retirement.