Before retiring to Australia, there are a few vital questions you should ask. Why? Well, while retirement might seem a quick and easy thing to do, it really isn’t. Many things can go wrong, and even way before retirement, that leaves you more stressed out more than anything when you finally retire.
So, to ensure you retire comfortably, here are a couple of questions you need to ask yourself:
1. When Do You Want to Retire?
This is probably the most important question to consider when planning for retirement. Knowing when you want to retire will help you determine how much money you need to save and how much you can expect to receive from government benefits and pensions.
2. How Much Money Do You Need to Retire?
This question is closely related to the first. You need to have a realistic idea of how much money you will need to cover your living expenses in retirement. This includes things like accommodation, food, utilities, transport and healthcare.
3. What Sources of Income Will You Have in Retirement?
Your income in retirement will come from a number of sources, including government benefits, pensions, investments and savings. It’s important to have a clear understanding of all the income sources you will have in retirement so that you can budget accordingly. But of course, if you need more money, you can always opt to continue working in various ways.
4. What Lifestyle Do You Want in Retirement?
Do you want to travel the world, downsize to a smaller home or take up a new hobby? It’s important to think about the lifestyle you want in retirement. That’s because different types of lifestyles come with different financial requirements! By knowing your dream retirement lifestyle, you can ensure you have the necessary funds to support it.
5. What Health Considerations Do You Need to Take into Account?
Your health is an important factor to consider when planning for retirement. If you have any health concerns, you may need to factor in additional costs for things like medication, treatments and hospital care. This ensures you do not eat up your finances too quickly over health concerns you did not account for.
6. What Are Your Estate Planning Considerations?
Estate planning is an important consideration for anyone, but it’s especially important if you have significant assets or property. You need to consider what will happen to your assets in the event of your death and make sure you have the necessary legal documents in place.
7. Will You Need Advice?
Whether you need advice is entirely up to you. However, planning for retirement can be a big challenge. As such, getting an expert to help you is usually a great idea to ensure you are confident about the road that lies ahead.
Conclusion
All in all, these are just some of the many questions you should be asking yourself when planning for retirement. Of course, some of these questions can be incredibly tough to answer. For that reason, we always recommend that you reach out to an expert to assist you along the way. With their help, you can plan that perfect retirement and ensure that everything’s said and done so that you can enjoy your post-retirement life!
New Wave Financial Planning is a financial advisory firm utilising the latest technology to give every client the pieces of advice they need. If you are looking for a retirement financial planner on the Gold Coast, work with us today.
