Retirement is often a catalyst for selling the family home and moving somewhere smaller. Changing needs, lifestyle and financial considerations all come into this decision. When deciding where to retire the cost of real estate is often a major factor and may provide an opportunity to put some extra cash in the retirement fund.
Deciding where you are going to retire to often comes down to affordability, climate preferences and access to healthcare. Often our clients also say they would like to be close to their children and grandchildren. While it can be tempting to follow your kids around, we know they can’t always be relied on to stay. Job transfers or other reasons may mean they move on and that can be disruptive in retirement. There are so many wonderful locations to choose from in our beautiful state so it shouldn’t be too hard to entice your family to visit, at the very least.
Are you wondering if you are on track with your super savings? Perhaps you haven’t given it much thought. It’s easy, when you are young to think retirement is so far away that it’s not something you need to worry about right now. But the sooner you start to focus on super, the better. Starting early, being consistent and investing well, will put you in good stead for the future. A healthy superannuation balance will ensure you can have the lifestyle you want when you do decide to stop working.
For many people, a transition to retirement is a wise approach. Whilst we all dream of not having to work, it is a major lifestyle change that has many ramifications beyond the financial. Our job is to help our clients put the right financial planning strategy in place to provide for their retirement expectations, but we also care about the big picture. Retirement is not just about the money.
The idea of being mortgage-free is very appealing and often a key financial goal for our clients. Paying off your home loan as quickly as possible to avoid paying excess interest has many benefits but many of our clients focused on accumulating wealth are also wondering whether this should be their sole focus. The question is, are there other ways to optimise any spare dollars?
There are some reasonably complex variables to think through which is why there is considerable value in seeking professional financial planning and investment advice.
