Five Areas Worth Reviewing Before You Retire

Retirement planning is not just about reaching a particular age or accumulating a certain super balance. It is about knowing whether your money, investments, debt and risk strategy are aligned with the life you want after work.

Here are five areas worth reviewing before you retire:

1. Define the retirement you want

How much income will you need? Will you stop work completely, reduce your hours or continue consulting? The lifestyle you want should drive the financial strategy, not the other way around.

2. Know your numbers

Bring your super, investments, property, cash, debt and expected income sources together. You cannot make confident retirement decisions without a clear picture of your starting position.

3. Make your super work efficiently

Review contributions, investment strategy, fees and tax-effective opportunities. The right approach depends on your circumstances, but leaving your super on autopilot may mean missing opportunities.

4. Reduce unnecessary risk

Retirement changes the way you think about risk. Investment volatility, debt, insurance needs, longevity and sequence-of-returns risk all deserve attention before you start relying on your assets for income.

5. Turn the numbers into a plan

A retirement projection is useful, but a clear action plan is better. You want to know what to do over the next 12 months, what to monitor and what decisions need to be made before you retire.

The key question

If you are within 10 years of retirement, do you know exactly what needs to happen between now and the day you stop working?

If the answer is “not quite”, that is exactly why a retirement readiness review can be valuable.

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Amber Wealth Pty Ltd (ABN 16 653 279 013) is a Corporate Authorised Representative (No. 1310815) of Lifespan Financial Planning Pty Ltd (ABN 23 065 921 735), holder of Australian Financial Services Licence (AFSL) No. 229892. Financial advice is provided by Adam Sobczak, Authorised Representative of Lifespan Financial Planning Pty Ltd, ASIC Authorised Representative No. 1234769.

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