Guide to Retirement Planning

Information verified correct on October 21st, 2016

Making plans for retirement.

The retirement years are also referred to as a person's golden years and this is the time in life where you are supposed to be able to do the things you always wanted to do but never had time to do before due to commitments such as work and family. However, in order to truly enjoy your retirement years you need to make sure that you make proper plans for retirement, as otherwise you could find yourself in a position where you have plenty of plans and goals for your retirement years but you do not have the financial capabilities to achieve these goals.

Making plans for retirement is something that is important at any age during adulthood. Okay, so it is unlikely that when you are in your late teens or early twenties you will be thinking about what you want to do when you are in your sixties. However, the earlier you start making plans for retirement – at least in terms of finances – the better off you will be in your later years and the more likely you will be able to do the things you want when your golden years come around.

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    It is important that you look at making plans for retirement at an earlier age rather than waiting until you are in your late forties or fifties, which frankly gives you little time to work out what you need to do in order to enjoy the retirement that you want.

    Some of the things that you need to consider when making plans for retirement

    Although you do not have to consider all of these things at the same time, as your situation and circumstances will change as your go through life, there are certain key points that you need to consider when it comes to making plans for your golden years. Some of the things that you need to give some thought to include:

    • Where you will be living when you retire: You need to give some thought to where you will be living when you retire, as this will give some insight into how much money you will need. Many people hope to be living in their own home with a mortgage that is paid off. Others may be planning to move abroad and some may even be looking to move in with family
    • What you want to do with your time: Your retirement years are the years when you will have more time to do the things that you want to do. However, your plans will impact upon the amount of money you will need. If your plans include travelling and seeing the world or getting involved in investments you may need to look at boosting your retirement income whereas if your plans are simply to relax and enjoy quality time and home or with the family you may find that your existing arrangements are adequate for your needs
    • How much money you will need: It can be difficult to predict an accurate figure, as so much can change between when you plan your retirement and when you actually retire, including living costs, your plans and your circumstances. However, having a rough idea of how much you will need based on what you plan to do and where you hope to be living can help you to plan your future

    Some of the options for planning your retirement

    When you are planning your retirement you need to think about where your money is going to come from. Some of the options that you can look at when it comes to your retirement funding include:

    • Age pension, which you may be eligible for when you reach retirement age
    • Superannuation, which you can access when you reach retirement age
    • Investments, which can help you to make the most of your money in preparation for retirement
    • Savings, which means finding the right savings vessel for your money so that your pension will not be affected

    Consider seeking professional advice for your superannuation and retirement plan

    Reviewing your retirement plans

    It is important to take time to review your retirement plans on a regular basis, as changes in your circumstances and finances may warrant making changes to your plans. Carrying out a regular review is a great way of ensuring that as time goes on you are able to make amendments as necessary to ensure that you will still be able to enjoy a comfortable retirement despite any changes that take place in your life or your financial situation in the meantime.

    Make sure that if your goals and plans change as you get closer to retirement age, as they do for many people, you look at the changes that you can make to your retirement funds in order to boost your income accordingly and provide you with the means to really enjoy your golden years.

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