Embracing 60 – FLP Financial – Family, Lifestyle and Purpose

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What will my retirement look like?

Turning 60

Turning 60 is a significant milestone and the added bonus is that there are a number of strategies and opportunities that become available to you. These can include:

Tax free super
Access to your super
Seniors card (state based)

You may love what you do and may not be looking to walk away from full time work. You may like to continue working but for less hours, or in a less stressful position. Or maybe you can’t wait until you can stop altogether. Regardless of where you fit, the sooner you start planning the better.

If you are considering your retirement plans, you may be asking yourself: “when would I like to retire”, and “what financial position would I have to be in to take this step”?

Make your future financially fit

By understanding things like additional super contributions, the age you plan to retire, whether you’ll have debts at retirement, how long you might live, whether you expect to need access to health or aged care, can all help you plan and make ongoing decisions.

An important tip for saving for your retirement is to change your mindset early and focus on what’s essential, rather than what’s nice. Now is the time to prioritise your needs over your wants so you can reach your goals. It’s a good idea to revisit your budget and have a look at what income needs you may have in retirement.

There can also be a shift in focus from investment growth to income. Growth of your investments is still important in retirement but the focus shifts to the income that your investments will be able to provide you in retirement.

Obtaining Financial Advice

We are happy to offer you a FREE initial financial planning discussion to get things moving.