Preparing to Retire
As you approach retirement…
Now your career has been established, your family settled and you’re starting to think about retiring. There are so many questions – when to retire, what to do in retirement, when your partner retires, can you help your kids financially, whether to sell the family home – and many hinge on how much money you have in super and elsewhere.
Maximising your super is a good aim, but how to do that and how to manage your retirement plans, financially speaking, are big decisions that can be quite emotional. Working with a financial planner can help you focus on the financial risks and benefits of each option so you form a plan that suits your circumstances and your family.
AvSuper advisers can’t answer all your retirement questions (it’s up to you where you live and how you enjoy your retirement!) but we can help you make financial decisions about your super savings.
What are your retirement goals?
Think about what you would like to achieve in retirement and set some goals – remember that a goal without a plan is just a dream.
Write down some goals for the short (2 years), medium (5 years) and long term.
Ask yourself questions like where do you want to live, what sort of home do you want, do you want to travel (and where to), how often do you want to eat out, and what acitivities would you like to do regularly (eg golf, gardening, theatre, airshows, tinkering with engines).
Steps to take
- consolidate your super
- collate financial information
- review your insurance
- talk to an AvSuper financial adviser
- decide on how to use your super
- arrange any discounts as you become entitled to them (eg pension cards, discounts on utility bills)
- apply for the pension and related concession cards, if applicable
- update your will and other Estate documents
