The first place to get started on your retirement planning is working out its timing. When will you realistically be able to take that all important step and stop work?
The great news is that these days retirement doesn’t need to be an all or nothing choice. There are so many things you can do to make sure you’re in the right financial position before you give up work altogether.
You might, for instance, choose to keep working but at reduced hours. That way, you can take advantage of a transition to retirement pension (TRP) and draw on a little of your super to provide a tax-effective income stream that supplements your work income.
Alternatively, you might choose to build your retirement nest egg tax effectively by using salary sacrificing or pre-tax earnings.
Or you might even choose to combine these strategies to grow your retirement savings without reducing your income.
Alternatively, you might choose to take greater control of your retirement savings by setting up your own self-managed super fund (SMSF).
Only you can decide the best strategy for transitioning into your retirement. But whatever that strategy is, working with an adviser can help you achieve your financial goals.
Please contact Wealthpath Financial Services on 07 5444 0675 to discuss transitioning to retirement.