Retirement Planning

Wouldn’t you like to have the peace of mind in knowing that you will be able to afford the lifestyle you want in retirement?

Australians are living longer and retiring earlier and many people are now spending more than a quarter of their lives in retirement.  It’s good news, but it also shows how critical it is to plan for your retirement.

How much will I need for a comfortable retirement?

Everyone is different and how much you need to live comfortably in retirement will depend on a number of a range of factors including how you plan to spend your time, the size of your property, where you live and the number of people who are financially dependent on you.

The Association of Superannuation Funds of Australia (ASFA) produces a guide which shows how much you will need for a comfortable standard of living and the types of things you may need to spend your money on (www.superannuation.asn.au/resources/retirement-standard).

For a ‘comfortable’ retirement, a figure of over $50,000 per annum is quoted for a couple.  For some this may seem a high figure, for others a low figure.  What is certain is that this is in excess of the Age Pension figure therefore showing the need to provide capital for your own retirement and to not rely solely on Centrelink benefits.

How much Age Pension will I receive?

We are able to provide guidance on when and how much your Age Pension entitlements are likely to be. There may be opportunities to structure your finances to maximise yours or your partner's Centrelink position.  Furthermore, various concession cards are available to some retirees and guidance can also be provided in this area.

Do I have enough to retire?

Paris Financial are able to ‘model’ your retirement to see how your current situation may support your retirement.  This can provide consolidated reporting on Age Pension, part-time or casual earning, Superannuation/Pension holdings, property and investment income.  This helps picture a future retirement and establish if current goals are realistic.

Making the most of your retirement savings?

In reviewing your current financial arrangements, tips and strategies may arise that could improve your retirement position. Advice will generally pay for itself and we would welcome being a trusted advisor to help guide you towards and into the retirement that you seek.