• Will I have enough?
  • Where is my cash flow coming from?
  • How much do I need to live on?
  • How do I make the most of my savings?
  • What are the best stocks to invest in?
  • Will I have enough to leave the kids an inheritance?

If these are the questions you are asking yourself as you approach retirement, you are not alone. They are the biggest worries occupying the thoughts of people facing retirement.

If you map out your spending ahead of time, you will know the answers to these questions.

When should you start planning for retirement?

Planning for your retirement is essential. The earlier you start planning for your retirement, the more peace of mind you will have. Retirement planning isn’t just about what you do with your money when you retire: it is about ensuring you get the right advice in the years leading up to retirement.

There are many complex considerations to take into account when planning for retirement. At a minimum, you should have a retirement plan at least three to five years before you actually leave the workforce. That way you can budget for your anticipated annual spending for the first five years, consider adjusting superannuation payments and approach retirement with a more disciplined mindset.

How can I transition into Retirement?

There are two ways to use a ‘Transition to Retirement’ (TTR) pension:

  • Keep working full-time and boost super
  • Reduce work hours and soften the fall in your income

Once you reach your legislated ‘preservation age’, you can draw down a pension from your super even if you are still working. If you are under the age of 65 and still working, you may be eligible to withdraw some of your super account balance each financial year. However, you cannot withdraw money as a lump sum.

Not all super funds offer a pension option, so you may need to change funds if you want to take your money out as a pension. You will enjoy generous tax concessions for both retirement income streams and super contributions. And when you turn 60, you won’t pay any tax on your pension income. 

We can set up a TTR plan that will suit your particular needs and circumstances.

How can Agility Wealth help?

A comprehensive retirement plan that takes into account your personal wishes, lifestyle aspirations and financial circumstances. As your guide, we will help you:

  • Understand your retirement needs
  • Plan your superannuation strategy
  • Plan your investment strategy
  • Understand how debt affects your retirement planning
  • Put the plan into action

You have spent years working hard and accumulating your wealth and now is the time to sit back, relax and enjoy life.

We love it when a plan comes together

Our goal is to help you navigate towards a happy and prosperous retirement. To learn more, simply fill out the form below and we will call you shorty to discuss how Agility Wealth can help you.