Kensington Wealth believes all Australians should have a retirement plan. This becomes all the more crucial if you’ve passed the milestone of your 50th birthday.

Naturally enough, you’re seeking a comfortable retirement that will allow you to live the lifestyle you desire and still maintain a robust financial position for protection against any unexpected situations, such as unexpected ill-health.

The central question on most people’s minds is “How much do I need to fund a comfortable retirement?”

Unsurprisingly, the answers to this are as many and varied as the people posing the question—which is one key reason why there is simply no substitute for expert, independent advice.

There are some key questions that will help frame the conversation with your adviser. Some of these questions are relatively straightforward, others may require a risk-based view of possible future outcomes. These preliminary questions include:

  • At what age do I hope to retire?
  • Will the family home be mortgage-free?
  • Do I have other significant financial obligations (such as investment loans or car finance)?
  • What are my expectations of ongoing healthcare costs?
  • Will I still have children or other dependents to support?
  • How are my current superannuation investments performing?
  • Is my superannuation investment strategy appropriate for my goals?
  • Do I (or should I) have a Self-managed Super Fund?

There are numerous online tools which can help you to build a preliminary view of your retirement situation and how it supports your aspirations. The Association of Superannuation Funds of Australia’s Retirement Standard is a good place to start.

The ASFA standard, along other online resources, will help you to take the first steps towards planning for the retirement you want—but, as you no doubt already appreciate, Australia’s superannuation framework and the associated tax laws are extremely complex. Careful planning is necessary at every step of the process, regardless of whether you are still in the accumulation phase or you are already utilising your retirement funds. The costs—or missed opportunities—of an innocent misstep along the way may be extremely significant.

Independent, expert advice is critical to your peace of mind. Kensington Wealth prides itself on going beyond the numbers to understand our clients’ individual needs and to build customised plans that will work for their specific situations.

We would be delighted to discuss your retirement aspirations. Call us today to arrange an initial consultation.