Trusted Retirement Planning Advice: Brisbane, Sunshine Coast, Toowoomba

Why Is Retirement Planning So Important?

Australians are living longer, and relying solely on superannuation or the Age Pension may not be enough to maintain a comfortable lifestyle in retirement. A well-crafted retirement plan provides peace of mind and financial stability, ensuring that you can enjoy your golden years without worrying about running out of money.

Planning for retirement early allows you to maximise your retirement savings and make the most of your investments. By starting to plan for your retirement in your younger years, you can take advantage of the power of compounding returns over time and give your superannuation and other investments more time to grow. This ultimately provides you with a larger retirement income.

When Should You Start Planning for Retirement?

It’s never too early to start thinking about retirement. Ideally, you should begin maximising your superannuation in your 20s or 30s to take full advantage of compound interest and give your retirement savings ample time to grow. However, if you’re closer to retirement age, it’s not too late to create a retirement plan and make the most of your remaining working years.

Even if you’re in your 40s, 50s, or 60s, you can still take steps to improve your financial situation and prepare for a comfortable retirement. By assessing your current financial position, setting realistic goals, and implementing smart retirement planning strategies, you can make significant progress towards securing your financial future.

How Varria Can Help You Plan Your Retirement

Varria can help you work out how much money you have now, how much you might have in the future, and how to bridge the gap from now to then in the fastest, most efficient way.

We will help you:

• Identify your retirement goals
• Review your income and cashflow requirements
• Identify what assets (house, savings, investments) you have and how much they are worth
• Assess how much super you have and when you can access it
• Find ways to grow your retirement income
• Put plans in place to make your money last in retirement
• Determine when you can apply for the age pension and whether you are likely to be eligible
• Review your estate planning

Whether you’re in the vicinity of Brisbane, the Sunshine Coast, or Toowoomba, our retirement planning services are tailored to meet your specific financial needs and aspirations.

How Much Money Do You Need to Retire Comfortably?

The amount of money you’ll need in retirement depends on your individual circumstances and goals. According to the Association of Superannuation Funds of Australia (ASFA), for a comfortable retirement, you’ll need:

These figures assume you own your home outright and are relatively healthy. However, it’s important to consider your specific needs in retirement, such as travel plans, hobbies, and healthcare costs, when determining how much you’ll need to save.

When Can You Access Your Superannuation Funds?

You can access your super once you reach your preservation age, which ranges from 55 to 65, depending on your date of birth and your working arrangements. However, you may want to consider a transition to retirement strategy, which allows you to access your super while still working, potentially saving tax and boosting your super balance.

A transition to retirement strategy involves starting a transition to retirement pension from your super fund while you’re still working. This allows you to draw a regular income from your super to supplement your employment income, while continuing to make super contributions and potentially benefiting from tax savings.

How Can You Maximise Your Super Before Retirement?

To maximise your super before retirement, consider:

• Making additional contributions through salary sacrificing or personal contributions
• Consolidating multiple super accounts to save on fees
• Ensuring your super is invested in line with your risk profile and goals
• Seeking financial advice to optimise your super strategy

By taking steps to boost your super balance, you can help ensure a more comfortable retirement lifestyle. Varria can provide guidance on the most effective strategies for your situation.

What Is the Age Pension and How Do You Qualify?

The Age Pension is a government benefit provided by Services Australia that offers regular income to eligible older Australians. To qualify, you must meet age and residency requirements, as well as pass an income and assets test. The amount you receive depends on your individual circumstances.

To be eligible for the Age Pension, you must:

• Be 67 years or older
• Meet residency requirements
• Pass the income and assets tests

It’s important to note that the Age Pension alone may not be enough to fund a comfortable retirement lifestyle. That’s why it’s crucial to have additional retirement savings, such as superannuation, and other investments, to supplement your income.

How Can You Ensure Your Money Lasts in Retirement?

To make your money last in retirement:

• Develop a realistic budget and stick to it
• Consider diversifying your income sources, such as through investments or part-time work
• Prioritise mindful spending to maximise your financial flexibility, especially in the early years of retirement
• Regularly review your financial plan and make adjustments as needed
• Seek ongoing advice from a financial professional

In being proactive and disciplined with your finances, you can help ensure that your retirement savings last as long as you need them to. A financial adviser can provide ongoing support and guidance to keep you on track.

Easily Book Your Retirement Planning Advice Today With Varria

No matter your age, there are steps you can take now to start planning for retirement:

• Educate yourself on the basics of retirement planning
• Start tracking your expenses and creating a budget (a calculator proves to be handy)
• Evaluate your current superannuation and consider making additional contributions
• Explore ways to boost your income and grow your wealth
• Speak with a financial advisor at Varria to develop a personalised retirement roadmap

Remember, retirement planning is a journey, not a destination. By taking proactive steps now and seeking expert guidance from Varria’s financial planners and advisers, you can pave the way for a comfortable and fulfilling retirement lifestyle.

To discuss your retirement planning needs in Brisbane, the Sunshine Coast, or Toowoomba, please contact us at 07 3029 5400 or enquiries@varria.com.au. With the right strategies and support, you can look forward to a retirement filled with financial security and the freedom to pursue your dreams.