Secure Your Seven Figure Retirement: Financial Do’s and Don’ts

People are struggling to put their own retirement roadmap together.

It’s no surprise given the complexity of the retirement system. It call feel a little chaotic at best.

Then you’ve got to work out the whole investment piece. It’s a lot and most people have little expertise to work it all out…

And then there’s google…but we’re seeing people more confused than ever…what information do you believe?. Is it reliable…

Over the last 12 months we’ve spoken to a lot of people thinking about retirement.

Most are in a good financial position but they still have doubts…

Through those conversations the same challenges are coming up time and time again…

Working out how much you need for a comfortable retirement…

How do you put everything together?

And the BIG question…

ARE WE GOING TO BE OKAY?

It’s a massive challenge…

And it’s hard to do it all on your own.

It’s a little like trying to win Wimbledon without a coach. It’s unlikely to happen.

But it doesn’t need to be this way for you…

We’ve listed three do’s and three don’ts to achieve a seven figure retirement.

Along with the questions you need to be asking to retire with confidence…

Get your PDF copy of ENOUGH? here…

Do #1 – Focus on what you can control…

No one could have predicted the range of events in the last 20 yrs.

Who thought we’d see a global pandemic that pretty much shut down the world?

Trying to predict the next uncontrollable event is a recipe for poor decision making, stress and frustration.

If your FOCUS turns to things you can’t CONTROL your odds of making financial mistakes increases drastically…

Instead focus on what you can control.

Your mindset, your choices and the decisions you ultimately make.

Are you prepared with the right mindset?

Important questions you must be able to answer:

• Do I have the right mindset to manage an uncertain future?
• Have I included enough safety margin in my retirement plan to manage changes in economic conditions?
• Do I have contingencies in place for early, later or phased retirement?
• Are you on the same page as your partner when it comes to your retirement lifestyle?
• Have you identified your retirement risks? (there are at least 11)
• Have I discussed my plans with a financial professional?

Do #2 – Protect your retirement income…

Your retirement lifestyle depends on your income strategy.

Getting through volatile and uncertain times is about having enough cash on hand while not robbing yourself of future growth.

As you approach your investment approach needs to change.

Will you be able to maintain your lifestyle when a negative market event occurs?

Important questions you must be able to answer:

• Have I got enough cash to avoid selling growth investments in a down market?
• Is my cashflow flexible enough to manage through choppy markets?
• Have I tested my portfolio based on different withdrawal rates?
• Have I discussed my decumulation strategy with a financial professional?

Do #3 – Review your investment strategy…

Today’s retirement portfolio is no longer set and forget. More importantly leading into and through retirement.

Life, investment markets, economies and the world is constantly changing.

It’s a continual exercise of reviewing and re-testing risks against opportunities.

The downside of getting it wrong include retiring later than you had expected, downsizing your lifestyle or even worse, running out on money.

Is your investment portfolio insulated from uncertain investment markets?

Important questions you must be able to answer:

• What return do I need to achieve, so I don’t run out of money?
• Are we protected from”sequence of returns” risk?
• Is my portfolio positioned for decumulation phase in retirement?
• Is my investment strategy up-to-date for current markets? 
• Is my portfolio adjusted for risk based on my age, future lifestyle and investor personality?
• Have I discussed my investment strategy with a financial professional?

Request a Retirement Clarity call here…

Don’t #1 – Let Fear Take Control

Approaching or entering retirement can be a scary time.

Particularly when the future is uncertain.

Emotional decision making and giving into fear will not only damage your investments.

The choices you make now can ripple through your whole retirement.

Are you putting your retirement lifestyle at risk by making fear-based decisions?

Important questions you need to be asking:

• Am I listening to the news channels on a frequent basis?
• Are you checking my balances frequently?
• Am I chasing the next hot share, shiny object and taking on more risk than I need too?
• Am I taking too little risk and putting my retirement lifestyle at risk?
• Have I discussed my concerns with a financial professional?

Don’t #2 – Put Off Important Decisions

As uncertainty swirls around you, sometimes it feels safer to sit on the sidelines.

Inaction is one of the most dangerous ”actions” you can settle for.

If you’re close to retirement, you don’t have much time.

Waiting it out or doing nothing is not a luxury you can afford to take.

Are you blindly putting your future at risk?

Important questions you need to be asking:

• Do I know the minimum return I should be achieving?
• Am I 100% confident my current retirement strategies will keep me afloat when stormy conditions hit?
• Do I know the cost of my current actions and the impact on my future retirement lifestyle?
• Have I discussed my strategies with a financial professional in the last 12 months?

Retirement Clarity Call…

Is it time you got your retirement questions answered once and for all?

Request a Retirement Clarity Call and we’ll have a chat about your retirement plans. The challenges you’re facing, to help provide some clarity on where your focus needs to be.

Maybe even provide you a roadmap on how you can answer all your retirement questions once and for all.

So you can have confidence in your financial decisions which ultimately deliver your comfortable retirement lifestyle.

Email me at gdoherty@jigsawprivatewealth.com.au or request a call by clicking here:

Glenn Doherty – CFP – Financial Planner | Helping people within 10 years of retirement achieve a successful retirement

We work with people in Adelaide and around Australia via virtual meetings!

Request a Retirement Clarity Call

An opportunity to talk through some of your challenges and questions you have around your retirement.

Achieve some clarity and maybe a roadmap on how you can achieve a comfortable retirement.

Schedule here

Advice Disclaimer: Any reference in this publication to the provision of advice refers to advice of a generic nature, and should not be taken as product or investment recommendations. Before any action is taken based on the information provided, independent financial advice from a licensed financial adviser should be sought. Financial Freedom Project Pty Ltd ATF GA & DC Doherty Family Trust Trading as Jigsaw Private Wealth is a Corporate Authorised Representative of Exelsuper Advice Pty Ltd. The information contained in this publication is of a factual nature only and is not intended to constitute financial product advice. Information is current as at date of publication. This is an online information blog. It does not imply an offering of securities.