Your Retirement Checklist
No matter when you plan to retire, there are things you can do to make sure you're on track to enjoy a fulfilling retirement
10 years to go
If your retirement is 10 years away, now's the time to put your plans in place to make sure you can retire when you want, how you want.
- Think lifestyle. Where do you want to live and how do you want to live?
- Check your debt. Will you still be paying a mortgage in retirement?
- Use our Retirement Planning Calculator to work out how much retirement could cost.
- Estimate your likely retirement income:
- Check your super balance
- Check with Centrelink whether you qualify for the Age Pension and what you could be entitled to.
- Think about timing. When do you want to stop work? And do you want to reduce your hours first?
Five years to go
If your retirement is only 5 years away, it's important to get your finances into the best shape for a comfortable and enjoyable retirement.
- Think about how your savings are invested and balance long-term growth against short-term volatility.
- Make sure your will is up to date.
- Consider boosting your super and reducing your tax with strategies like salary sacrifice and transition to retirement
- Start preparing for any post-retirement work
- Think about moving other investments into the tax-friendly superannuation environment.
- Integrate your super strategy with your partner's.
One year to go
If your retirement date is only a year away, there's still time to make sure the transition goes as smoothly.
- Check your retirement savings and retirement income estimates.
- Consider your exact retirement date. Any advantages like long service leave or super vesting to a specific date?
- Contact Centrelink to get the ball rolling with your Age Pension application and other benefits like the Commonwealth Seniors Health Card.
Like to know more?
We suggest you speak to one of our financial advisers who has the commitment, knowledge and expertise to help you weigh up these issues and make the right decision so you can achieve your financial goals
Feel free to contact us
Source: Article provided courtesy of AMP
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