Why Retirement Planning is a Big Deal

Thinking about retirement? Picture it as packing for a big adventure. You have to make sure you’ve got everything you need so there are no “Oh, no!” moments mid-trip.

Retirement can be thought of as a long, permanent vacation. You want to have enough cash to enjoy the ride, right? As many as 38% of Australians over 50 are biting their nails, worrying they haven’t saved up enough, according to the Retirement Confidence Report.

Imagine stressing over everyday costs, figuring out government support, where you’ll live, and those big bills that pop out of nowhere. Not fun.

To help ease your concerns, be sure to plan ahead for your golden years. Here are four key points to get you started.

1. Know Your Wallet

When work’s a thing of the past, your savings are what you will live on, plus some help from the Age Pension if it’s on the table for you.

You will need to do a budget without work costs. There are two pots of money you’ll need. First, the must-haves for daily life. Second, the fun fund for things like travel, hobbies, and those surprise dentist bills. And don’t forget the big-ticket items – family gifts, debt-clearing, home fix-ups.

2. Taking Care of You

People are living longer these days – cheers to good health! But that also means planning for extra years. Think about how long you’ll need your funds to last by looking at your family history and lifestyle. And don’t forget about potential aged care down the track and the costs that come with i

3. Your Treasure Trove

Take a good look at your stuff. What will you hold onto? Maybe sell something to bump up your retirement fund? A well-placed sell-off can turn into a nifty little earner during those relaxed golden years.

4. Home Sweet Home?

Do you have a house? That could bump up your government benefits since it doesn’t count as an asset. Thinking of downsizing? A super strategy could turn that home equity into something sweet for retirement. If you’re attached to your home but need more cash, an option is to short-term rent or list it on AirBnB whilst on your round Australia trip, or even consider a reverse mortgage or a similar plan.

Are you renting? Make sure you have a stable income that won’t take roller coaster rides since you’ll need it to cover the rent.

Get Advice?

Starting your retirement plans now is like packing your bags way ahead of a vacation. No last-minute panic. Contact us, and we will help you get set for a stress-free “holiday” when you are ready.

Book your

Get in touch with Virtuous Wealth today to take the first step on your journey to financial freedom.