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Retirement Planning
Sydney
To discuss your Retirement Planning needs please contact one of our qualified Financial Advisers at Future Wealth Group on Phone 1300 691 861 or [email protected].
Insight Into Retirement Planning
Retirement means different things to different people. For some, traveling around in Australia in a caravan is a life-long dream but for others flying at the pointy end of the plane and staying in 5-star hotels around the world is more how they see life after work. Or maybe spending more time with the grandkids or volunteering in your local community rate high on your list of retirement goals. We all have different ideas of what the second half of our lives looks like and that’s why planning for your retirement is so important.
Why's Retirement Planning Important?
We are living longer and for most of us compulsory superannuation payments or the Age Pension alone won’t be enough to help us achieve the retirement lifestyle we’re dreaming about. Putting a long-term financial plan in place will provide you with the comfort of knowing that you can do all those things that you dreamed of and that your financial future is under control.
How We Can Help
Defining Your Retirement Goals
Preparation for Retirement
Under the Superannuation Guarantee law, employers are required to pay 9.5% of your salary into a super fund every quarter. This contribution, aimed at enhancing your retirement savings, is set to gradually increase, reaching 12% in the upcoming years, ensuring a more secure financial future for employees.
Protecting Your Retirement
How Much Do I Need for a Comfortable Retirement?
Determining the necessary retirement savings is crucial and varies based on desired lifestyle. The Association of Superannuation Funds of Australia suggests $545,000 for singles and $640,000 for couples for a comfortable retirement. These figures are regularly updated to reflect current costs and lifestyle changes, covering essentials like health and travel. For the most recent standards, click here.
Read More About Retirement Planning
Retirement Planning FAQs
How much do I need to retire comfortably?
The amount needed for a comfortable retirement varies depending on your lifestyle, desired retirement age, and healthcare needs. A common guideline suggests having enough savings to generate around two-thirds of your pre-retirement income annually. However, this figure can change based on personal circumstances like living expenses, travel plans, and homeownership.
At Future Wealth Group, our retirement planning advisors in Sydney assess your unique financial situation to create a customised retirement strategy. We take into account your current savings, future goals, and expected expenses, ensuring that your retirement plan is both realistic and sustainable. With our expert advice, we help you estimate your future expenses and determine the right amount of savings to comfortably support your retirement years, no matter your goals.
When should I start retirement planning?
The earlier you begin retirement planning, the better positioned you’ll be to meet your financial goals. Starting in your 20s or 30s allows you to take advantage of compounding interest and build a strong financial foundation. However, it’s never too late to start. Key milestones for retirement planning include:
- In your 20s and 30s: Begin saving in superannuation and establish long-term financial goals.
- Mid-career: Reassess your savings and investments to reflect changes in income and lifestyle.
- Pre-retirement: Focus on securing your savings and preparing for a stable retirement income.
Our financial planner retirement services guide clients through every phase of their working life. Whether you’re just starting or nearing retirement, we help you make informed decisions to maximise your retirement savings and ensure financial security for the years to come.
How do retirement planning advisors help?
Retirement planning advisors provide valuable guidance in creating, maintaining, and adjusting your retirement plan. Key areas where advisors can help include:
- Investment management: Ensuring your assets are positioned for growth while balancing risk.
- Income planning: Structuring your retirement funds to provide a consistent income stream.
- Tax efficiency: Minimising tax liabilities before and during retirement to preserve wealth.
- Ongoing support: Continuously reviewing and adapting your retirement strategy as your needs evolve.
Our retirement planning financial advisors offer personalised strategies according to your specific situation. By understanding your goals, we ensure that your retirement plan is robust, flexible, and able to adapt to life’s changes, giving you assurance and confidence in your future.
Can I rely on super and age pension alone?
While superannuation and the age pension provide a base level of support during retirement, relying solely on these may not be enough to maintain your preferred lifestyle. Superannuation balances can vary significantly depending on your career and contributions, and the age pension is meant to provide a basic level of financial assistance. Most retirees find that supplementing these with other savings or investments is necessary.
Our retirement advisors will help you create a diversified retirement plan that doesn’t rely solely on super and pension. We guide you in exploring additional investment opportunities to ensure long-term financial security. By identifying the right combination of savings, investments, and retirement income streams, we help you secure the lifestyle you want.
What is the role of a financial retirement planner?
A financial retirement planner helps individuals manage their financial resources to ensure they can meet their retirement goals. The key responsibilities of a financial retirement planner include:
- Investment advice: Helping you build and manage an investment portfolio that aligns with your retirement timeline and risk tolerance.
- Income stream planning: Ensuring that your savings are structured to provide a steady and reliable income during retirement.
- Risk management: Assessing potential risks such as market volatility or healthcare costs, and implementing strategies to safeguard your retirement assets.
We go beyond basic retirement planning. Our financial retirement planners offer a holistic approach, integrating superannuation, estate planning, and wealth protection into your overall retirement strategy. We work closely with you to develop a plan that fits your current needs and adapts to any changes in your financial circumstances.
Start Planning Your Future Today with Future Wealth Group
Retirement planning is crucial to ensuring long-term financial security and peace of mind. At Future Wealth Group, we help our clients achieve their retirement goals through expert guidance and curated strategies. Our dedicated team provides you with advice that considers all aspects of your financial life, helping you plan confidently for the years ahead.
Whether you’re starting early or need help fine-tuning your plan, our experienced team is here to support you. Contact us today to discuss your retirement goals and discover how our comprehensive approach to retirement planning can set you on the path to financial independence.
