Enjoying and transferring
You've made it to retirement! Now is the time for you to enjoy your years of hard work and do the things you've always wanted — focus on your favourite activities or take up new ones.
It's also the time to plan what you would like to leave behind, maybe something for the children or grandchildren, or perhaps your favourite charity. Planning now can help to make sure all your wishes are realised.
You may have finished working entirely, or maybe you are working part–time and transitioning to retirement. The choices you make at this time in your life will have a huge impact on how long your hard earned money will last - not only as a result of the products you choose but also the investment strategies you have chosen.
The main concern of people in retirement is whether they'll have enough money to live on. With the average retirement these days lasting for 20 years or more, it's important to structure your assets so that they last long enough. Research indicates most people need around 60-70 per cent of their pre-retirement salary to enjoy a comfortable lifestyle in retirement.
Remember, even in retirement, a budget is essential as it will help you to understand how much you have and how much you're spending. Make sure you're one of 37 per cent of Australians that have sought help to actually work out how much you need to save for retirement.
As there's no more salary, your money is the only one working now. Whether it is your super or your investments, dividends from shares or rent from an investment property — you worked hard to earn that money, so make sure your money continues to work hard for you.
Click here to see how a financial planner helped Pam and Ray with their investments and more.
To find out more make an appointment with a Bridges financial planner.