ADVICE | Retirement is imminent

Enjoying retirement to the full isn’t just a matter of money. It’s just as important to have a good long think about what you’d like to be doing when you’re no longer going to work. Will you want to travel or spend time with family or keeping fit? And when you’re faced with the idea of stopping work completely, you may want to consider continuing to work part-time or as a volunteer. A gradual transition to retirement can be a good way to manage your income needs too.

During your working life you receive regular income in the form of a salary or business income. In retirement, this regular income stops so you need to draw on your savings to meet your lifestyle costs. You can set up your savings so you still receive regular payments, just like a salary. This is called a ‘retirement income stream’.

Among other things, the type of income stream you can start at retirement depends on whether your savings are inside or outside of superannuation savings.

However, all the money in the world won’t help you enjoy retirement if you’re not in good health. Whether it’s including a gym membership, a new bike, home gym or stand-up paddleboard in your budget, having a way to keep fit will go a long way towards maintaining your health and mobility as you age. And don’t forget to review your health insurance, both before you retire and as you age, to make sure you can continue to meet the cost of managing your health.

Would you like to find out how advice from a Financial Planner can help you get ready for retirement this year?