Retirement Planning – what are your goals for retirement? For some there’s a big focus on travel and adventure, and for others retirement is about living comfortably and celebrating life’s achievements. No matter what your goals are, the Wilson Pateras team are certain that when the time comes, you’ll want to get the very most from your retirement lifestyle – and this requires a plan!
In this month’s blog we’re in conversation with Wilson Pateras’ expert Financial Adviser, Lasadi Felsinger. Read on as Lasadi unpacks the importance of developing a comprehensive plan to ensure you’re retirement ready. Read on!
What is retirement planning and why is it important?
Ideally, retirement will begin at a time when an individual can enjoy the lifestyle that they’ve created for themselves supported by the wealth they have accumulated during their years of employment. Retirement planning means having considered strategies in action during your working years. Working with a plan means that when retirement day comes, there will be strategies/plan already in place to allow for a happy and comfortable retirement. Without a plan, individuals may not be able to achieve the goals they have set for themselves in the timeframe that they desire.
At what stage of an individual’s career should they begin planning for retirement?
Our clients come to us at all life stages. Some are in their early 30s and 40s – a time when they’re very much focused on building wealth and paying debts off. Others come to us in their 50s and 60s when they can see retirement is approaching soon. There’s no exact age a person should begin planning for their retirement – however the earlier an individual considers their finances with a long-term approach, the more options they’ll have for a comfortable retirement.
Are there many misconceptions around retirement planning?
Yes! Retirement planning is not simply managing your super fund at age 60. Many people will log into their super fund account and watch the amount climb as they progress through their career. They will look at this number and think that figure alone is the amount they will retire with. There are so many factors beyond super that can contribute to your retirement plan!
Some of important key strategies we investigate are:
- Paying off debts sooner,
- Building assets outside to super (shares or properties),
- Maximising superannuation contributions,
- Implementing tax savings strategies,
- Adopting appropriate investment strategies,
- Cash flow budgeting to implement a savings plan.
How can Wilson Pateras ensure the best plan for an individual’s retirement circumstances is developed?
Wilson Pateras take a personal and strategy approach to each of our client’s retirement planning. When clients come to us while building wealth, we sit down and chat through their current and retirement goals in detail – do they want to travel, do they want to downsize, what income do they wish to draw down at retirement? Our experts then will work with them to map out their next practical steps, to achieve these goals ongoing. We also have the ability to track life changes and tailor plans to meet our client’s career milestones. Annual ongoing reviews are extremely beneficial to track your goals/objectives as things may change anytime.
What is a key challenge the Wilson Pateras observe in retirement planning?
If someone comes to us and says that they want to retire next week, that’s when we’re truly challenged! These clients are often small business owners who have been so caught up in their day-to-day operations that they’ve simply not considered what their retirement will look like until it is upon them. In these cases, we’ll sit down with the client and look at their whole picture. We’ll consider what they have created over and whether they actually can afford to comfortably retire. If not, we’ll work with them to structure a new plan.
These plans involve structuring super funds, strategies to maximise super contributions, appropriateness of small business concession caps, structuring personal investments, structuring assets and income needs are some of points we implement. We look at tax planning strategies and financial planning strategies to find the best solution possible to meet your goals and objectives.
When planning for a comfortable retirement, Wilson Pateras’ strategists are here for you. Our experienced team will support your tax, investment and finance needs so that you can focus on putting your plans in motion! Get in touch with Lasadi Felsinger and the team at Wilson Pateras for a complementary meeting to discuss your retirement plan today!