People in Australia are living longer than ever before, which means that retirement planning is drastically different than it was just a decade or two ago. Another component that goes into planning is the kind of retirement a person or couple wants to live. Everyone is different and has different goals.
In order to live a better retirement, these are the 4 steps you can use to get started:
Define your priorities
What does retirement mean for you? This is where everyone has a different idea of what they want or envision. It’s important to define your priorities – what is it that you want. Create a plan that focuses on your goals and stay away from areas that may not be that important to you.
Know your cash flow
How much money will you need? Not just for retirement as a whole, but how much will you need for basic living expenses? Travel? Housing? Monthly expenses, medical expenses and so on? A retirement planner will help break things down for you so that you not only know how much money you’ll need if you live to a certain age but how much money you’ll need for general living expenses throughout those years.
Determine your lifestyle
When you think about retirement, does it mean driving a fancy car, living in a large home, dining out whenever you want and travelling when you desire? Or when you think about retirement, are you more focused on spending time with your family and staying close to home? What you want your lifestyle to be will help your financial planner create a plan that will work for you.
Having an estate plan in place
After you retire, you enter a stage in your life where you can relax. However, it’s also a time when you need to make sure that your estate plans are in place. Consider who you want to bequest your estate and assets too. It’s also important to consider who you want to make decisions on your behalf in case you can’t.
What’s next? The next best step is to consult a qualified financial planner from Paradise Financial Group so that you can go over these 4 steps in further detail and start planning for the retirement that you desire. Contact us today.