Retirement Planning Advice

What does retirement mean to you?

In working with so many retirees, we are finding that now more than ever the concept of retirement means something different to everyone.

Traditionally, retirement meant the end of your working activity. For most of you, what retirement really means is freedom with your time and doing things on your terms.  

How can retirement planning advice help?

Once you are no longer working (or working less), you will need an ongoing passive income so that you can maintain your lifestyle in retirement without worrying that you will run out of money.

We take the time to understand what your goals are in the next phase of your life, so we can help you organise your assets to achieve them. To get started, you should ensure that you are clear about what you need for the following:

1. 1. 1. Basic living expenses: Housing, groceries, utilities, medication, transport, tax, debts.
      2. Discretionary lifestyle expenses: Travel, hobbies, giving.
      3. Large capital expenses: Purchases of motor vehicle, renovations, financial support to family.
      4. Cash reserve and buffer needs/wants: Ensuring you have enough cash available ‘at call’ to cover lumpy expenses and provide peace of mind.
      5. Legacy and intergenerational wealth transfer: Who and how you would like your assets to be transferred to once you die.

Did you know that almost half (49%) of retirees don’t feel confident about their financial security over the next five years?

But it doesn’t have to be that way. With the right strategies and actions, you can feel confident and secure about your financial security in retirement. It is as simple as having the right amount of money available for you at the right time.

How Pekada can help with your retirement planning

To ensure your cashflow in retirement is seamless, we set up different sources of retirement income to manage risks so your money lasts as long as you do. Common retirement plan strategies include:

• Superannuation contribution strategies
• Downsizer contributions
• Account based pensions
• Annuities
• Portfolio construction for income
• Investment draw down plans
• Tax-effective income strategies
• Centrelink and Age Pension
• Aged care 
• Gifting of assets
• Estate planning
• Intergenerational wealth transfer

The next step is to work out whether you are on track and if not what actions can you take to make it a reality.  

If you would like some help to figure it all out, the first step is to book a 15 min chat with a Pekada retirement financial adviser. From there we can work out what is the best next step for you and your retirement plan.