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Could 2020 be the year? | 5 tips to help plan for a successful retirement

by DFS Ipswich on October 31, 2019 No comments

As the end of the year approaches, you might be starting to think about your new year’s resolutions – and what 2020 will look like for you. If you’ve been thinking about retirement for a while, could this be your year? It’s an exciting and momentous decision – so before you pre-plan your farewell party and book that first holiday, make sure you’re ready to transition by ticking off on our top 5 things to consider before you retire.

  1. How will I spend my time in retirement – Make a list

What could retirement look like for you? What do you want to spend your time doing? Would you like to travel, learn a new craft or skill, or perhaps take up a language? Spend the time to put pen to paper and note down the hopes and desires you have for the next phase of your life. It’s important to do this before getting into the detail of your budget, so we can find the best way to fund your plans into reality.

Retirement Planning - Make a list!


  1. What else do I need to consider – Get advice

Retirement in Australia can be complex – as there are a raft of rules and regulations surrounding when and how you can access your superannuation, and what other financial support you may be eligible for. That’s why if retirement is something you’re considering in the short to medium-term, it is so important to seek professional financial advice for your specific personal situation. A good planner will assess your current income sources and help you plan and prepare a budget that will balance your hopes and dreams with your finances.

  1. Will I have enough to retire – Create a budget

Most people don’t get overly excited when they hear the term budget, but fully understanding your finances is an integral step to ensure you are retirement ready. Start by considering your income sources (your financial planner can help you determine how much to draw from your superannuation and/or if you’re eligible for any additional pension amounts). Then list out all of your expenses – going through your recent bank statements can help you to identify “hidden” expenses that you might not have thought of such as brunch dates or dinner at the club. We can help you to create a simple budget spreadsheet to help you get started, or you can download our Excel budget template here. 

  1. What else is on the horizon – Think ahead

There are many considerations when planning the specific date of your retirement. It may be worth considering timing the sale of any assets after your retirement date (once you no longer have a regular income). If you are an employee, consider your leave entitlements and how you wish to utilise these: as a lump sum or take them before your retirement. If you are selling a business, you should consider the small business tax concessions and how to contribute the proceeds to your superannuation.

  1. What could I be forgetting – Review those items you usually “set and forget”

There are a few items you might not have reviewed in a while – your investment mix, your personal risk insurances (life, trauma, TPD), and even your estate plan. Readying yourself for retirement is a great time to review each of these items and ensure they are appropriate for the next phase of your life. This may include making changes to your investment mix to support in on going income generation, reducing or varying the level of personal insurance cover you have, and even updating your Wills and other legal documents. A good financial adviser can assist you with each of these items and ensure they support your budget, and plans for how you’ll spend your future.

So, if you’re thinking that next year could be the year you start your retirement journey, make sure you consider these key financial tasks to ensure your dreams become a reality. If you’d like assistance and guidance on any of these areas, click here to get in touch with us to organise a complimentary, no obligation meeting with one of our financial planners today.

DFS IpswichCould 2020 be the year? | 5 tips to help plan for a successful retirement

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