Are you considering retirement? Retiring can be an exciting yet daunting prospect. Oak Advisory is the leading advisors of retirement advice Perth and are here to help guide your retirement plan. In this article, we’ll look at five critical steps that everyone should take before retiring.
Understand Your Timings
Knowing how long you want to keep working is a vital part of retirement planning. Being able to contribute a set amount of years to the rest of your working career and understanding how much money you will need to make between then and now is crucial in creating a financial plan before the retirement decision.
Determining a comprehensive financial plan and your retirement spending requirements,
be able to spend in retirement safely. Be sure to include in this plan excess money that is required for unexpected medical costs. Be sure to outline your current living expenses carefully and consider other assets that you own.
Optimising Your Income in Retirement
Calculating how much return you are likely to receive on retirement investments and how this will facilitate your income is vital. Extra income from investment or other assets is vital to consider and optimise before hitting retirement.
Managing your superannuation closely will be a great way of ensuring you can retire within your desired timeframe. Superannuation is also your key to ongoing income throughout your retirement – so be sure to manage it closely.
Emotional preparation is one of the key factors that people forget to consider when implementing a retirement plan. Taking the attention away from financial aspects of retirement and looking inwards at your life and how fulfilled you currently feel within your life is an essential aspect of the retirement considerations.
Now that you have taken these five simple steps in considering your retirement prospects; put some of this planning into action! Planning for retirement will give you a solid idea of when you are likely to achieve retirement and what steps you need to take to get there.