What Does Retirement Mean to You?
Retirement looks different for everyone. For some, it’s traveling around Australia in a caravan. For others, it’s flying first-class and staying in 5-star hotels. While you might dream of spending time with your grandchildren or pursuing hobbies you’ve always wanted to try.
Whatever your visions are, planning for retirement is key to making those dreams a reality. Radiance Wealth is here to help you create a personalised retirement plan based on your goals and financial situation.
Why is Retirement Planning Important?
We’re living longer, and relying solely on your superannuation or the Age Pension likely won’t be enough to support the retirement lifestyle you want. A solid financial plan gives you peace of mind and ensures your future is secure so you can enjoy the things you’ve always dreamed of.
How Much Money Do You Need to Retire Comfortably?
The amount you’ll need depends on your lifestyle goals. According to the Association of Superannuation Funds of Australia’s June 2024 Retirement Standard:
- Single people need about $595,000 in savings.
- Couples need about $690,000.
These estimates cover essentials like health, travel, household goods, and leisure, and they’re updated regularly to reflect changes in costs.
How we can help?
Radiance Wealth offers expert retirement planning advice, and we'd love to assist you in:
Setting your retirement goals: Understand what you want your retirement to look like
Reviewing your income and expenses: Plan for the cash flow you'll need
Assess your assets: Value your home, savings and investments
Check your superannuation: See how much you have and when you can access it
Grow your retirment income: Explore ways to increase you funds
Make your money last: Create strategies to stretch your savings
Understand the Age Pension: Find out when you qualify and if you're eligible
Plan your estate: Ensure your legacy is in place.
Why have an investment strategy for your retirement goals?
An investment strategy is useful as it usually relates to your investor risk profile. Depending on how much risk you would like to take, your investment strategy will usually reflect this and therefore you will be receiving your expected returns. An investment strategy will be related to your goals and so it can be tailored specifically to you and what risk you will take, what capital is needed and help advisers make the best recommendations for you.
Why do I need life insurance?
We insure our house and our car, yet life insurance is sometimes pushed to the back of our minds. We believe this is important to protect those close to you if something were to happen to you.
Questions you can ask yourself are “what would my family do if I suddenly passed?”, “would they be able to live the same lifestyle as they are now if I was no longer there?”, and “who is reliant on me financially?”.
How much will life insurance cost?
This is entirely dependent on your individual health and circumstances. If you are young, fit and healthy your life insurance premiums tends to be much cheaper than when you’re a little older and may have a few diagnosed conditions.
However, premiums can always change depending on your level of cover and exclusions, so it is best to come and speak to us as we can help you find a happy middle – enough cover for reasonable prices.
How can a financial adviser help?
We will help you establish goals and create recommendations based off your unique situation. We can show you projections depending on different scenarios and showing you what a difference some decisions can make (such as retiring at 60, 65 or 68!). We will discuss with your strategies you might not be aware of to take advantage of and how your tax will impact different decisions.
Why is a retirement plan important?
We have seen time and time again the disappointment on client’s faces when we project that they won’t be able to have the retirement they thought they would or that they might have to work longer because they had no plan in place from the start. It is never too late to start, but the earlier you get a retirement plan in place, the more you can work towards it and reap the rewards in the years to come.