Are you planning your retirement? Retiring is often an exciting prospect for many, but it’s important not to get carried away with the idea of retirement, rather than the actual preparation for retirement. Oak financial planner Perth can help. We’ve put together this list of 5 key things to do before settling on your retirement to ensure you can live a comfortable and fulfilling life throughout your retirement years.
- Create A Timeline
Understanding your timings and goals you need to achieve before retirement is a crucial part of retirement planning. Understanding the financial accomplishments, you need to achieve before retiring, and how much longer you need to work in order to achieve these goals is a great place to start.
- Financial Plan
Understanding your cost of living and planning for unexpected medical costs is a key part of retirement planning. Put together a comprehensive spend plan to understand your retirement spending requirements and how much extra you need to live comfortably through your retirement.
- Assess Risk
Understanding your investment portfolio and how subject your investments are to risk is vital. If you’re a relying heavily on your investments to get you through retirement, you really need to understand your investment portfolio and risk aversion. This will help you understand how much you can safely spend in retirement, and anything on top of that is a bonus.
- Optimising Superannuation
Superannuation really is tour key to retirement. Managing your superannuation closely will ensure you’re across how much you can feasibly spend in your retirement vs the income you receive from your superannuation.
- Emotional Preparation
One aspect of retirement planning that people often neglect is the emotional aspect of retirement. Are you mentally prepared to retired, and, more importantly, do you parts of your life that make you feel fulfilled and like a valuable member of the community?
Now that you have completed this list of 5 key things to do before settling on your retirement, it’s likely you’re ready to start planning! We advise to go ahead with your retirement planning carefully and consider all aspects that we have discussed.