AS you plan for the later years of retirement, it’s crucial to protect your financial well-being to ensure a comfortable and stress-free future. We asked Greg Luscombe from OzPlan Financial Services at MB+M what retirees should consider.
How much money do I need to retire?
How long is a piece of string? To determine how much you’ll need, you first must consider things like expenses, lifestyle and healthcare costs.
The Association of Superannuation Fund of Australia (ASFA) provide guidelines of living costs in retirement. Reminder, these are estimates and do not take into account your individual needs and requirements.
What are the best investment options for retirement savings?
It is wise to consider investing in a diversified portfolio that includes a mix of assets to protect your savings from market fluctuations. You can also explore superannuation funds, which offer tax benefits and long-term growth potential.
How can I ensure my savings will last my lifetime?
Create a realistic budget and monitor your expenses, it’s no different to any other stage of life. Develop a plan for how you will generate income during retirement including maximising government entitlements. This could include drawing from your superannuation, investments, pension entitlements, or other sources of income.
If you require further information, feel free to visit MB+M at 120 Nixon Street, call 5821 9177 or email us: mbmozplan@mbmgroup.com.au
This column contains general advice only and does not take into account the needs, objectives and situation of any individual. You should consult with a licensed financial advisor and consider obtaining personal financial advice prior to making any decisions about retirement.
