Planning to retire soon? Join us as we reveal our tips for managing tax in retirement.
Retirement in Australia brings visions of getting away from the daily grind and doing all the things that you want to do. Do you dream of leisurely days filled with relaxation, maybe you crave some high octane adventure or perhaps you fancy exploring many of the well-known places of interest right around Australia. Regardless of how you plan to spend your retirement there is one thing you can do now to make the transition much smoother.
You need a retirement plan.
Creating something strong requires a plan. A foundation. Do you want your retirement to be enjoyable or would you like to have to worry about money each day? The choice is yours of course. By putting a plan in place you can make sure that the financial side is solid and producing what you need to enjoy the lifestyle you have chosen.
Most people are busy living their day to day lives and planning for retirement is not a high priority when it’s so far away. In fact, the majority of people don’t have a plan for today let alone retirement. While you may have the end result clear in your mind it is essential that you activate some sound retirement strategies to make sure the picture you have falls into place. But how do you put retirement planning strategies in place if you haven’t got the experience of financial markets or the necessary knowledge of taxation to do it? Luckily, the answer is quite simple.
Consider engaging the services of a Retirement Planner.
After all, retirement is a big deal and given that your ability to work for an income is at an end the money you have accumulated throughout your working life has to sustain your lifestyle.
Rather than thinking about living a lifestyle that fits your money, why not think of it as how do I get the money to fit my lifestyle. This is how your retirement planner will look at it. Of course there are limitations to what a retirement planner can do and time restrictions are high on that list. It’s easy to plan a successful retirement strategy when you are 45 but more difficult when you are 65 obviously. As in most things in life, the sooner you get started the better off the result will be.
Creating enough wealth to compliment your lifestyle choices at retirement will require experience and practical knowledge in a variety of different disciplines. Expertise in Tax Planning for example, quickly springs to mind and this should be given special attention prior to retirement because of the many diverse factors that need to be considered based on your financial position. Do you know what your retirement tax position is? Tax Management prior to and after retirement helps to ensure you are maximising the available benefits.
We started by asking whether you are planning to retire soon and we can see now that it matters little when you want to retire. What matters the most is that you use the expertise of a Financial Planner skilled in retirement planning strategies to set up your retirement plan so you can enjoy the lifestyle you dream about.
Why not call one of our Financial Planners and discuss your retirement plans today.