retirement

Why “Round TOIT” maybe holding you back from your dream retirement lifestyle?

Most people know they need to plan for their retirement.

Sadly, most fall victim to the “Round TUIT”!

I’ll get around to it…

They know it’s important but perhaps not an immediate concern. After all, there’s plenty of time.

STOP RIGHT THERE…

“Precious time is slipping away…life is not a rehearsal”

And why wouldn’t you put your life at the top of your priority list?

Whether you plan to leave the workforce for a life of leisure and play. Or continue to engage in work because you want to…not because you have too.

You still need to plan.

The most common problem we see when people can’t retire when they wanted too, is…

They started their planning too late!

They think about it…say they are going to do something about it…then muddle their way through. While the years pass, missing opportunity after opportunity.

In other words, they fall prey to the “Round TUIT”!

What are the benefits of making your retirement planning a priority?

#1 Avoid living of a centrelink pension

Australians think accessing centrelink is a right. After all those years of paying tax.

Some will even give all their money away to their kids prior to retirement. Just so they can receive social security.

It’s not a right but a floor for those that don’t have enough money!

If you want to live a great lifestyle in your retirement years. You’re going to want more income than a centrelink pension will give you.

For most, as they draw down on their super in retirement. As their assets fall by default they most will access some form of centrelink benefits.

Plan early so you don’t have to rely on centrelink and enjoy more in retirement.

#2 You don’t leave money on the table

Time and time again we sit in front of people who have suffered from “Round TOIT” and it’s cost them money. And more importantly their lifestyle…

Not only have they left money on the table. They squander opportunities to maybe retire earlier than they had ever thought.

Planning the right way and early for your retirement will ensure you don’t leave money on the table and you can do more things.

#3 You maximise the amount of money you have in super

Approximately 3 out every 4 new client meetings we facilitate. We find super is not being utilised as best it can be.

Perhaps because of its complexity.

The three areas people get it wrong with super:

#1 Contribution rules are not being taken advantage of.

#2 No strategy to minimise risk as they approach retirement.

#3 No plan to maximise their super contributions prior to retirement.

Largely this comes down to the complexity of the super system. It’s hard to understand.

This is where you need an expert in this space to help you navigate the super system with confidence.

It’s not uncommon after reviewing someone’s current strategy we find they can add hundreds of thousands of dollars to their nest egg.

The simple compounding effect means they can do more things in retirement. Most importantly some can even consider retiring earlier than they expected. If that suited them.

#4 Do more things with your time

Yes, that’s right.

Many don’t know how much they need to fund their lifestyle for the rest of their life. There’s many variables to take into account.

But, the last thing you want is to put off doing stuff to only realise you’ve left it too late.

After all, life’s not a rehearsal!

Retirement planning done right will allow you to explore different scenarios.

Maybe you can retire earlier than you thought.

Maybe with the right information and planning now you can retire comfortably and avoid running out of money!

#5 You’ll be more confident as you approach retirement

There are many benefits of planning sooner rather than leaving it too late.

One of those benefits is you are more prepared when you approach retirement. Saving you from having to rescue your retirement savings from a retirement blunder.

Imagine arriving at your retirement date.

You know you won’t run out of money.

You have built in buffers to manage share market shocks.

Have a risk management strategy.

You know how you will draw down your money!

I’d imagine you’d have a nice smile on your face as you high five your partner. Knowing you’d planned well to experience an EPIC lifestyle in retirement.

#6 You’ll avoid a retirement blunder

A lack of knowledge and experience are two reasons people make a retirement blunder. It can cost 000’s. If not hundreds of thousands of dollars.

And more often than not, it boils down to a lack of planning. Or leaving it all too late.

It’s one thing to know exactly what you need to be doing. It’s another to implement like a ninja.

ALSO READ: Three retirement blunders to wreck havoc on your your retirement!

#7 You’ll know the exact moves to make your retirement lifestyle a reality

Any successful retirement comes down to planning.

Not only planning for what you need to do. But what you need to avoid on your journey.

To increase the odds of retiring successfully requires you to follow proven systems and frameworks. Over and over again.

So you stay on track to live your EPIC retirement lifestyle!

It’s one reason why we’ve created the EPIC Retirement Lifestyle Framework. Where your lifestyle is at the centre of every financial decision you make.

After all, isn’t that what you want?

To get and keep the lifestyle you deserve…

The EPIC Retirement Lifestyle Framework consists of three retirement pillars to help clients get on track and to stay on track.

So they get and keep the retirement lifestyle they desire.

That’s exactly what our Retirement Success Sessions are all about.

To help you prepare for that major life transition, Retirement!

You’ll walk away with:

#1 A glimpse into how your financial life will pan out based on the retirement lifestyle you want to live. Using prudent assumptions of course. Allowing you to make wise financial decisions.

#2 A list of action items to improve your current position while removing risks from your current plan.

#3 All provided in what we call “A One Page Plan”.

Did I mention this was complimentary?…yes it’s all complimentary.

Here’s a recent comment after a couple completed their Retirement Success Session

“You’ve just changed our whole thinking about how we plan for retirement”

It’s amazing what you can achieve with the right information.

When you’re ready, book your Retirement Success Session below.

Book a Retirement Success Session today!

Glenn Doherty – CFP – Retirement Planning Specialist | Retirement Planning for Over 55’s powered by Life-Centred Financial Planning

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

Schedule a Retirement Success Session

In your session we'll help you identify the retirement lifestyle you want, show you how to achieve and maintain it.

Identifying risks and opportunities so you create a road map to confidently keep you on course to live the life you want.

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.

Retirement Retirement Planning