Retirement Planning

To discuss your Retirement Planning needs please contact one of our qualified Financial Advisers at Future Wealth Group on Phone 1300 691 861 or peter@futurewealthgroup.com.au.

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

Superannuation is a retirement savings plan. It accumulates while you’re working, ensuring a comfortable retirement. Contributions, made during your employment years, aim to provide financial security for your later life, highlighting the importance of building a substantial super balance for a worry-free retirement.

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

Once your superannuation fund receives your contributions it invests this money either in a default strategy or one you have chosen yourself. Fees charged by the super funds may include general fees such as administration, member and investment, as well as optional extras including adviser fees and insurance premiums.

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.

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