Preparing financially for retirement can be a complex and demanding task that requires the expertise of a Brisbane financial planner. A financial advisor can assist with saving money, managing investments, making the most out of pensions and social security benefits, as well as navigate complex government regulations and tax rules which might impact upon retirement planning. They may also advise on creating a Self Managed Superannuation Fund, estate planning strategies or asset protection.
How much you need for retirement depends on a number of factors, including your desired lifestyle and expected length of retirement. On average, many Australians aim for a superannuation balance that supports 65-75% of their pre-retirement income – something they can accomplish by saving into superannuation accounts, investing wisely while minimising tax while building wealth, or using Age Pension payments if needed.
Financial planning should begin early and be revisited periodically as your circumstances evolve. Our advisers utilize a holistic approach to evaluate your situation, create a vision of financial success for the future, and tailor strategies aligned with your goals. They may even help prioritize goals or extend or lower retirement dates or retirement income goals to increase confidence that you’ll meet all future financial objectives successfully.
Start planning early to increase the size of your nest egg for retirement; how much you require will depend on your desired lifestyle, anticipated expenses and eligibility for any government support; however, according to The Association of Superannuation Funds of Australia a single person requires $545,000-$640,000 of superannuation in order to retire comfortably.
Our advisers can offer the best strategy for you based on your specific situation, such as increasing concessional contributions, salary sacrificing to reduce income tax payments and investing your superannuation in various assets. Furthermore, they can advise on the optimal way for passing on retirement funds after death with regard to both control and tax efficiency; often better results can be attained for clients by leaving death benefits inside superannuation rather than transferring it directly into personal trusts.
An effective retirement plan is key to living the ideal retirement lifestyle. At Humphrey Partners in Brisbane’s suburbs, we work to make sure your retirement is planned and managed properly so you can experience financial freedom in retirement. Contact us now to arrange a consultation – new clients receive one for free! Feel confident in our expertise of the local market and solutions tailored specifically for you and your individual circumstances. Additionally, we will work together with you to develop a budget and cash flow model in order to gain a deeper understanding of your current finances, which will be your first step toward taking control of your financial future.