When is the best time to start planning your Retirement & where to start?
Christmas is over for another year. Time with family, tummies full and maybe a few hangovers after another big day of indulgence.
For many, now is the time to relax and recharge those batteries from a long hard year of work.
Maybe you’re sitting by a pool drinking a Pina Colada, an icy cold beer or a nice glass of wine. Perhaps you are spending some quiet time at home or on a family adventure.
Whatever you are doing with your free time, it’s likely you’re going to have plenty of free time to reflect on the year that has been and what might be in store for you in the next year.
You’ll never have more time to reflect on what you want for your retirement than you do right now.
For many, they’ve thought about it but taken no action.
Here’s the thing, the earlier you start your planning the more prepared you’ll be. Rarely do people retire on the date they think they will retire. Other factors can dictate when you retire.
That’s why it’s so important to be prepared ahead of time.
Yesterday is when you should have started…
You don’t retire on your money – you retire on your memories
Your retirement could span 20-30 years or more. Yes you are going to need to understand the amount of financial resources you’ll need to fund a great lifestyle in retirement.
But we often spend a disproportionate amount of time deciding on how to spend those funds you’ve spent many decades accumulating.
It’s important if you want to make the most of your retirement years to be deliberate about how you are going to spend your time in retirement.
Often, there are two activities on almost everyone’s wish list – like overseas travel or hooking up the caravan and touring the country. The reality is, this will only take up a small portion of your time in retirement.
You have many years to fill, which if not planned for on purpose can be wasted. And before you know it, that time you thought you had, has gone and then you regret how you spent your time.
Time is our most valuable resource, it’s finite. It’s important if you want to have a fulfilling retirement, you consider what you are going to do with your time outside the BIG events such as travel.
What memories and experiences do you want to create in your retirement years?
At the end of the day, a life well lived is not measured by the balance in your bank account. It’s about the experiences you create, the relationships you have, and the people you spend time with along the journey.
A fulfilling retirement is all about the Memories you create…
Your best retirement is determined by your health and wealth
Your time is finite. No one knows how much time we have left. The clock is ticking…
One area we spend a large proportion of time on is how one maximises their active years in retirement. It’s those years you are most active and healthy.
We all get to a point later on in life where it’s harder to spend 15 hrs on a plane or get in and out of a caravan. It’s a time when our health deteriorates and we spend our days visiting doctors.
Your active years are going to depend on the age you retire, how healthy you are and how fit you are…
Potentially it could be anywhere between 10 – 15 years.
It’s your PRIME time to pack in as many experiences as you possibly can.
You want to do this before you’re no longer able to do them. The last thing you want to do is say, “I’ll get around to it one day” and then find yourself sitting there later on in life regretting you didn’t do more.
Post Covid, we’re seeing more and more people who are realising time is getting away from them. They want to start ticking off their bucket list items sooner rather than later.
What’s causing this?
Quite simply, seeing their parents health deteriorate and watching friends around them pass away too soon or experiencing health complications at a time when they should be enjoying life.
It’s a wake up call that time’s passing…
Designing your ideal retirement
It all begins by understanding what you want out of retirement.
Now that you have a little more time over the holiday period, take some time and consider what a good life in retirement is for you.
You can simply look at your week, break everyday up into morning, afternoon and evening. Fill in your days and get a glimpse into what your retirement lifestyle will look like…
A word of warning, it can’t be golf everyday. Eventually you will get bored.
What are the activities and experiences you want to have and memories you want to create in retirement. Everything from your BIG bucket list, hobbies and interests along with the people you want to spend time with.
We’ve created a simple worksheet to assist you with this. Click here to download…
Will you have enough money in the tank?
Okay, you’ve now worked out what you want your retirement to look like, perhaps assessed how many active years you might have ahead of you.
Now, you’ve got to work out the wealth you need to have to make it all a reality. Having enough money to see you through your whole retirement without risking running out of money.
It’s time to take stock of where you are, the strategies you need to employ to firstly preserve what you have and what strategies you need to activate so you can improve and achieve your retirement plan.
It’s not a simple calculation, it’s complex and individual to your unique circumstances. There’s many inputs and outputs which must be considered. This is where a financial adviser who specialises in retirement planning can help build your retirement roadmap.
Helping you to provide a methodical framework to be able to make smart decisions about your money and when you’ll be in a position to retire comfortably.
One part of our process is laying all the options out on the table. Helping clients understand what’s possible. Can they retire earlier than expected? Can they dream up more experiences in their most active years?
Ultimately we’re here to guide you and answer the BIG question, “Will I Be Okay?”.
Do you want clarity on whether you’re on track to live a comfortable lifestyle in retirement?
Then it’s time we had a quick chat. There’s no expectations on these calls, just a quick chat about what you are struggling with most and how you can resolve them with confidence.
If you’ve saved over $500k and wanting a safe pathway to retirement. Book your Retirement Clarity Call by clicking here…
You deserve to retire on your terms…
Glenn Doherty – CFP – Financial Planner | Retirement Planning Specialist |Retirement Planning Made Simple for over 55’s within 7 years of retirement
We work with people in Adelaide and around Australia virtually via zoom!
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 hereAdvice 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 Spark Advisors Australia 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.