Preparation is the key to having a smooth ride into your golden years, and it is essential to have a plan in place so you are able to support yourself later in life.
Taking the time to consider how you are going to fund your winter years is vital because it will help to ensure that you can enjoy your retirement without the hassle of worrying about money.
Many people assume that they will be able to get all their retirement income from one source – their superannuation fund – but like with many things, it is not a good idea to put all your eggs in one basket.
This is why it is wise to consider putting a retirement strategy in place that includes at least one other income stream to help you sustain your lifestyle during retirement.
Getting started with a retirement strategy
Putting together a retirement strategy can be a lot simpler than you may first think, and you can start by seeking counsel from a financial planner.
A planner can help you figure out how to make the most of the funds you already have, based on your intentions for this period of your life.
For instance, if you see yourself travelling the world, you'll need a way to fund your trip without compromising your lifestyle once your travels have been completed.
People's individual retirement circumstances can vary widely – for example, some favour a long retirement, while others continue to work on a full-time or part-time basis, generating additional income into their later years.
A financial planner can offer you insight into some of the best ways to grow your savings, which could assist you in being able to contribute more to your super fund in the long term.
Diversify your assets
One way to ensure that you have enough money is to diversify your income streams. A planner can help you to investigate your options when it comes to investments, which may help to boost your retirement savings.
As an expert in investments, a financial planner can tailor a portfolio to meet your specific requirements.
He or she can guide you through the process and can work with you to keep track of how the investments are going, assisting you to get to where you need to be financially.
It is recommended that you find out how much money your super fund is going to provide for you because this will help you to figure out how much more you may need to find from alternative sources.
ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.