Getting ready for retirement?
Retirement tends to seem a long way off until, all of a sudden, it’s just around the corner. As a result, many people don’t start planning properly until quite late which can make it difficult to achieve their desired lifestyle.
Don’t fall into the same trap.
Retirement should be a golden period of your life where you reap the rewards of your many years’ hard work. It should be full of activity and enjoyment.
To enjoy the retirement you deserve, start preparing early. Your first step should be to work out how you’re tracking towards your goals. Our retirement gap calculator can help.
Once you’ve compared your current situation with your retirement goals, speak to your adviser about next steps.
- If you’ve reached your preservation age, you should definitely consider a transition to retirement (TTR) strategy. You can find more information on TTR here.
- Consider ramping up your salary sacrifice contributions, or personal deductible contributions if you are self employed, keeping in mind your non-concessional contribution cap.
- Make the most of your concessional contribution caps – both yours and your spouse’s.
- Make the most of the super co-contribution if it’s available to you.
- Protect your income – as you get older, insurance becomes even more important.
- Make sure you have your estate planning in order.