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This month, we've been talking all things retirement. To end the month, we are leaving you with a comprehensive retirement planning checklist, so you know you haven't forgotten anything when planning and preparing for retirement.
The first step when planning for retirement will be to think about what you want to do. Do you want to live a quiet and calm life? Do you want to travel the world? Do you want to move to the beach? Do you want to move into a retirement village early? These decisions will all impact how much money you will need to retire.
It's our favourite word! Developing a retirement budget is possibly the most important parts of retirement planning. A budget will tell you exactly how much you will need for everyday expenses during retirement.
A retirement plan refers to deciding what age you will retire, what you will use to fund your retirement, and from there, determine how much money you will need to save in order to fund your retirement. It is important to have a solid plan in place well before you plan to retire.
Whether you are planning on retiring with your superannuation fund, dividends or payouts from investments, or from your own business, you will need to regularly check on your available funds. It may be easier to neglect them until you need to make a withdrawal, but trust us, it's better to know exactly how much you have for when the time comes!
You will be able to calculate your retirement income by looking at your retirement funds. Your income may include superannuation, pensioner payments, investment dividends, profits from your business, a combination of the afore mentioned, or something else entirely. From there, you can calculate how much you will receive in income each year, and add it to your budget.
It is in your best interest to be debt free come retirement. Making debt repayments during retirement will add stress, and will have to be added into your budget. Make it a top priority to become debt free before you hang up your boots. Contact one of our friendly team members who can help you get started on your journey to becoming debt free!
It may seem like the road to retirement is long, but it is important to keep making contributions, and keep your head in the game when it comes to retirement planning. It's never too early to start thinking about retirement, and it's never too early to start making contributions!
Happy planning!
Beyond Debt is a trading name of DCS Group Aust Pty Ltd. Australian Credit License: 382607. RDAA Number: 1126. PO Box 3074 Newstead, QLD, 4006.
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