Financial Planning for Pre-Retiree's
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Planning on Retiring in 5-10 years?
- When is the right time?
- How long will my funds last?
- Will my financial situation enable me to maintain my current lifestyle in retirement?
These are some of the common questions our clients have when they come to see us here at Abound Financial and Lifestyle Planning.
Robert Majman CFP®, BCom(Acc&FP) is a Financial Adviser who enjoys creating financial plans which demonstrate how people in their 50’s and 60’s can achieve their financial and lifestyle goals and often retire much earlier than they first imagined.
In the past, retiring was commonly viewed as the ‘final’ day of your working life before embarking on the huge transition from full time work to being at home each and every day. It was also common to see a retirement that aligned with eligibility for the Age Pension (currently set at age 65 before moving to age 67 by year 2023 and age 70 by 2035!).
However, what we see today is vastly different with many of our clients wanting to:
- Make a positive contribution in the world,
- Work if they want to, not because they have to; and
- Transition into retirement with choice and flexibility.
Robert helps his clients who are between 5 and 10 years away from retirement to design their desired retirement lifestyle within the parameters of their current position. This clarity allows a person to understand how they are tracking towards their retirement goals and in turn can allow for decisions on how to best make the transition to a fulfilling retirement.
So when is the right time for you? Could you actually afford to retire today?
“I love helping my clients by showing them how they can achieve their financial and lifestyle goals in accordance to their unique situation. I have many clients who want to retire but don’t think they can. After coming to see me, many realise that they can retire a lot sooner than they first thought. This can often be due to education and awareness of other avenues I inform them of, such as Centrelink among many others, that they are entitled to and never knew they were.” Robert Majman
The team at Abound Financial and Lifestyle Planning, will not only help you gain peace of mind moving into your retirement years, but they believe it can be an exciting phase of your life, an opening of a new chapter to be fulfilled with a lifestyle that you desire.
Some of our clients in their 50’s and 60’s discover that they could retire today whilst others may get the motivation they need to focus on building more funds for their retirement. Regardless of which situation you may be in, it’s always better to find out sooner than later so if you do need to make some changes, you give yourself the best chance to do it now.
According to the Australian Bureau of Statistics (ABS):
- Australians aged 45+ years are intending to work longer than ever before;
- For those in the labour force who intended to retire, the most common factors influencing their decision were 'financial security' (40 per cent for men and 35 per cent for women) and 'personal health or physical abilities' (23 per cent for both men and women);
- 53% reported their main expected source of personal income at retirement as superannuation/annuity/allocated pension.
Many clients who come to us know they are not ready to retire and may continue working up to 70 years of age. Conversely, many professionals in their 50’s do not know how much they will need or should have in their super account to retire early i.e. Will I need to downsize my home during retirement? Can I afford my dream retirement holiday to Europe?
If the above questions are familiar to you or you would simply like to know how your retirement is tracking, we would like to invite you in for an initial financial planning meeting and discussion. We will educate you on the basics of financial planning so you understand and can start making informed choices in regards to your retirement.
We have offices in Ascot Vale, Toorak and Melbourne CBD.
If you would like to book an appointment with Robert in Toorak, or one of our advisers in other areas, simply call or email us today!