proactive retirement planning based on solid advice

24 Jan 2012 | news , Retirement Planning

Global financial uncertainty has caused many Australians to consider their career options when planning for their retirement.

Rather than leaving the full-time workforce at the age they originally planned to, individuals are hoping that a few extra years of income will prove invaluable later on.

This approach might seem especially appealing given the current state of the economy and the feeling among many that their savings might not take them as far as they had hoped.

But for some people extending their time in the workforce is no longer an option, having already taken the step to enter retirement within the last few years.

Other individuals have committed to starting the next phase of their lives now or in the near future, regardless of external factors.

Australians considering their futures might do well to heed the advice of those who have already made the transition to retirement.

Instead of worrying about potential negatives surrounding the broader economy, perhaps it is a good idea to formulate an effective financial plan and focus on how you can turn your retirement dreams into reality.

To this end it can be enormously beneficial to follow in the footsteps of successful retirees and attempt to avoid some of the pitfalls faced by others.

Former chief executive of charity organisation House with No Steps Shirley White envisaged her ideal retirement long before the time came to actually settle in to this golden period - and found that a proactive approach helped her reach important lifestyle goals.

"I always made sure I put more into my super than I had to because I knew that was what was going to get me through the rest of my life," White told Fairfax Media last Sunday (January 22).

The publication reports that five years out from retirement White increased her salary sacrifice to about 12 per cent - a tactic that has potentially significant tax benefits if done correctly and supported by expert advice.

At the age of 70 White says she has been able to enjoy her retirement spending time with her children and grandchildren, as well as using her savings fund to pursue her passion for the arts.

It is a lifestyle made possible by having sought good professional advice at the right time, White claimed.

"I sat down with a financial adviser and mapped out a plan of what I thought I would need to be able to retire and live the lifestyle I wanted to live and do the travel I wanted to do," she asserted.

To find out your retirement options talk with an ipac adviser today.