Retirement is the time to reap the rewards of your working life. For some, it might be time to enjoy favourite hobbies or spend time with your grandchildren. For others, it may be a time to travel and explore the world, follow your passions or take on new challenges. The amount of pre-retirement planning that has been put in place will make a significant difference to the retirement assets available.
CPR WEALTH advisers will outline the various retirement income stream options available to you and work out the most appropriate strategy to suit your retirement income needs.
Many people develop a financial plan leading up to retirement but once they reduce or stop work, the plan will become dated. CPR WEALTH will continue working with you in retirement as you’ll need to keep making choices about your income and investments, changes to your centrelink entitlements, your super, tax and estate planning strategies as you move through the various stages within the retirement phase of your life.
It’s important to consider that your retirement funds may have to last a long time. Increases in life expectancy means you may live for 20 or even 30 years after you retire around age 65, and it’s important that your money outlives you.
You may consider discussing wealth protection strategies with adult children. An unexpected event affecting their ability to earn an income or a medical trauma could lead to a significant reduction in your retirement savings if they are not adequately protected and you are called upon to assist them in such a time of need.
The last thing most retired people want is to spend their time worrying about these issues, yet many do. Ongoing management of your financial strategy keeps you on track and helps make the most of your retirement.
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