With the costs of living continuing to rise, more and more Australians are finding it difficult to put away enough money to cover their costs in retirement.
When it comes to retirement planning, there’s no one-size-fits-all approach. But whether you’re looking to retire early or just want to be financially comfortable in your later years, there are some basic steps you can take to make the most of your retirement.
If you live in Perth, Western Australia, you’re in luck. This city has many excellent retirement planning resources. In this article, we’ll look at some of the best retirement advice in Perth.
7-Point Checklist in Planning For Your Retirement
Here are the seven things you can do right now to get on track for a safe, comfortable, and enjoyable retirement.
1. Know Your Retirement Goals
The first step in planning for retirement is determining what you want to achieve. Do you want to retire as early as possible, or do you want to keep working for as long as you can? Are you aiming to maintain your current lifestyle, or are you content with a more modest standard of living?
Once you’ve decided on your goals, you can start to develop a plan to achieve them. You’ll need to consider how much money you’ll need to cover your costs and how long you’ll need to save for.
2. Consider Your Savings Options
The next step is to look at your savings options. There are several different ways to save for retirement, so it’s essential to find the option that best suits your needs.
If you’re employed, you may be able to take advantage of your employer’s superannuation scheme. This is a great way to save for retirement, as you’ll be able to make regular contributions from your pay packet, and your employer may also make contributions on your behalf.
If you’re self-employed, you’ll need to set up your own superannuation fund. There are many different options available, so it’s important to compare the fees and features of each before making a decision.
3. Invest Your Savings
Once you’ve decided how you’re going to save for retirement, it’s time to start investing your savings. This is where things can get a little bit tricky, as there is a wide range of investment options available.
The most important thing to remember is that you should only invest in products you understand. If you’re not sure about something, don’t be afraid to ask for help. There are a number of financial advisers in Perth who can provide you with expert advice on investing for retirement.
4. Optimise Government Retirement Benefits
If you’re planning to retire in Australia, it’s essential to make sure you’re receiving all the government benefits you’re entitled to. There are many different benefits available, and they can make a big difference to your retirement income.
The Age Pension is the most well-known retirement benefit. Still, some other benefits are available, including the Seniors Supplement, the Commonwealth Seniors Health Card, and the Pensioner Concession Card. If you’re not sure whether you’re eligible for any of these benefits, it’s a good idea to speak to a financial adviser.
5. Ask Your Employer to Start a Retirement Plan
If you’re not sure how to get started with retirement planning, you can always ask your employer for help. Many employers offer their employees access to a retirement savings plan, making it easy to save for your future.
If your employer doesn’t offer a retirement savings plan, you may be able to set up your own. This can be a great way to save for retirement, as you can make regular contributions from your pay packet.
6. Review Your Progress Regularly
Once you’ve started saving and investing for retirement, it’s important to review your progress regularly. This will help you see whether you’re on track to achieve your goals, and it will also allow you to make any necessary adjustments to your plan.
Regular reviews will also help you to stay disciplined with your savings and investment plan. If you find that you’re not meeting your targets, it may be time to re-evaluate your goals or your savings options.
7. Stay Flexible
One of the great things about retirement planning is that you can always adjust your plan if necessary. Life is unpredictable, and there’s no telling what might happen in the future.
If you lose your job, or if you need to take time off work to care for a family member, don’t be afraid to make changes to your plan. The most important thing is that you stay flexible and that you keep your long-term goals in mind.
Conclusion
Planning for retirement can seem daunting, but by following these simple steps, you’ll be on your way to a secure financial future. Perth is a great place to retire, and there are a number of different retirement planning resources available. By following the steps outlined in this article, you’ll be on your way to achieving your retirement goals.