Riding the waves

As you begin to see the benefits of your years of hard work and saving, it's important to focus on maintaining your lifestyle as you move into retirement. Some key financial events to consider during this stage of life include:

  1. Superannuation to pension accounts: You may need to transition from a superannuation account to a pension account to access your retirement savings. It's important to understand the rules around this transition and to seek professional advice if necessary.

  2. Paying down any lingering loans: You may still have some outstanding loans, such as a mortgage, that you need to pay off before retiring. It's important to make a plan to pay down these loans as soon as possible to reduce your financial obligations.

  3. Reviewing your insurance: It's important to review your insurance policies, including health, life, and home insurance, to ensure that you have adequate coverage that meets your needs. This may involve updating your policies or shopping around for new coverage that better meets your needs.

  4. Planning for unexpected events: It's important to have a plan in place for unexpected events, such as a major health crisis or a sudden decline in the stock market. This may involve setting aside emergency funds or adjusting your investment strategy to account for potential risks.

  5. Creating a budget for retirement: As you move into retirement, it's important to create a budget that accounts for your new income streams, such as pensions and Social Security, as well as any additional expenses you may incur, such as healthcare costs.

Overall, the transition into retirement requires careful planning and attention to detail. By taking proactive steps to manage your finances and create a solid financial plan, you can ensure a comfortable and secure retirement.

If you have any questions or need help with your finances, please don't hesitate to contact us via email or phone at (07) 3395 8900. Our team of financial experts is here to support you and help you achieve your best life.