Financial Planning Gold Coast and Beyond: Saving for a Comfortable Future
The best financial planning Gold Coast wide starts with knowledge. It’s easy to push aside the need to consider the future when you’re young. Consider your savings and current retirement plans. Are you where you need to be to cover all living expenses and health care needs? Will your current saving efforts keep you comfortable as you age after leaving the workforce? If you can’t answer with a confident “yes,” then it’s time to talk to a financial planner and re-evaluate your plans.
How Much Do I Need to Retire?
Once you retire, it will be too late to go back and make more money to cover living costs and other expenses. Now is the time to determine how much you need and how you will get there. The recommended amount will vary based on your lifestyle and expectations.
First, you should think about what you will do once you are done working. Do you plan to see the world and travel? Will you stay at home and enjoy the calm and quiet of family life? Will you pursue hobbies or develop a skill? Each of these things can affect the total cost of your retirement.
Next, you should determine how long your savings will have to last. People are living longer than they ever have before which means more money is needed to cover retirement. The necessary amount increases if you plan to retire sooner. Your age pension may cover some expenses, but it may not be enough to do all the things you want to do.
According to ASIC, as a general rule of thumb, a frugal retirement should include $25,000 for a single person and $35,000 for a couple per year. If you want more financial flexibility to live comfortably and do the things you want to do, then you should plan for around $45,000 for one person or $60,000 for two per year.
Monitoring Your Retirement Fund
Investment is an ongoing process that must be monitored to get the best results. By paying attention, you could find opportunities to increase your savings. A financial planner can provide great advice when it comes to what to look for and when to act.
Some people refinance their homes to reduce mortgage payments before they begin retirement. Others take tax-free income from their super while contributing to the balance. You may also find that you can earn a large portion of your total investment while you are retired.
To learn more about financial planning Gold Coast wide or to evaluate your current plans, contact Oculus Group. Our finance experts are available to help you plan for your dream retirement. Call us at 07 5536 3755 or visit our contact page to get in touch.