Ask An Adviser - How Can I Maximise My Retirement Income? (1)

Top answer provided by:

Chris Brown

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Hi Sofia,

Thanks for your question.

In an ideal world- we would all start planning as early as we could to plan for our future retirement, benefiting from long-term investing results that help to build up retirement assets.

But life doesn’t always work like that for most people!

At Chapters Retirement Partners- we specialise in helping clients over 50 prepare for retirement. We know many of these clients often had other conflicting financial objectives over their lives which required focus before retirement such as purchasing an ideal home, raising children, paying off debt, travel and just- living!

Many clients over the age of 50 at some point though feel a pang of fear/ stress and a feeling of ‘oh no I really need to get some help as retirement isn’t that far away’.

We help many clients who are within 5- 10 years until retirement and often make significant improvements to maximise their financial potential and to alleviate uncertainty and stress.

We also think that getting financial advice in your 50’s is actually an ideal time to start prospering and not too late. This is because clients who are still working in this age group are (often): at peak career earnings, if they have kids they are likely older and not as or less dependent,  they are close enough to retirement to be clear on what they want, their mortgage might be paid off or is on track to be soon, and they have great life experience behind them, but still time on their side.

A comfortable lifestyle in retirement according to the Association of Superannuation Funds of Australia for a couple requires an income of $72,148 p/a, while a single person requires an income of $51,278 p/a.

A great first step to achieving this comfortable lifestyle and having the finances to allow this- is to reach out to a licensed financial adviser. Financial advisers help clients to achieve more wealth, more time and more peace of mind.

A financial adviser should start with ensuring you have a budget in place and after understanding your exact situation and financial goals- can build a tailored plan to use your surplus income and other assets such as cash and superannuation-in an effective manner towards your retirement goals.

Strategies may include additional superannuation contributions (various types and limits apply), advice on the suitability of your superannuation fund and investment strategy, investing other funds outside of superannuation, reviewing life and income insurances, and ensuring estate planning is addressed.

I would encourage you to reach out to a licensed financial adviser to take the first step towards a comfortable retirement.

I hope this helps Sofia.

Thank you, Chris.

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Article by:

Chris Brown

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