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What you need to do when retirement is beckoning

Nov, 16, 2012 | No Comments | news, Retirement Planning

Reaching retirement can produce a lot of mixed feelings in you and it is common to be excited and a bit nervous at the same time.

This can be a whole new experience because you have been working for the majority of your life and without your job there is the potential for you to feel a little lost at first.

However, this is unlikely to last for too long and there are options to help you make the move into retirement smoother.

You may want to think about how a transition to retirement strategy may work for you.

If you are over 55 years old, are still working full time and you already have some sort of superannuation fund – it may be worth seeing if the transition to retirement strategy is a
suitable option.

A transition to retirement strategy means that a portion of your salary is directed straight to your super fund, which can boost your retirement savings.

The beauty of this type of plan is that it allows you to keep working – even if it is only part time – and sustain your income at the same time.

Once you opt for this strategy, you will start to receive income from your employer and also receive funds from your superannuation scheme.

Ideally, you would have been planning for this time for many years.

However, in the case that you have not saved as much as you would have liked then talking to a financial planning adviser is an optimal choice. 

A financial planning adviser can discuss where you are with your superannuation fund and find strategies to boost your super.

Another option you may wish to consider is delaying your retirement.

While this may not be a practical choice for everyone, it is a worthwhile contemplation because you may not want to stop working altogether straight away.

If this is the case then an adviser can discuss the transition to retirement options.

This may involve continuing to work full time for a little bit longer, reducing your work hours, or transitioning to a part time position.

Discussing your options with an adviser is a good way to make sure you are choosing the right path for you.

An adviser can help you to find the right balance and see if a transition to retirement plan is your best option.

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.

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