Estate Planning

How a financial adviser can help in the lead up to retirement

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In the last five years before retirement, it’s important to plan for what’s next around the corner, including any changes you might be making as you approach this major milestone.

A financial adviser can help you define what it is you want to achieve in the lead up to retirement and afterwards. They can then give you the confidence and know-how to help you reach your goals.

So what’s on the horizon for you?

1.    Working out how you’ll fund your retirement

Now that retirement is getting closer, you’re probably looking for ways to grow your super savings. How you’ll access that money is also important, as it may affect the tax you pay. A financial adviser can help you:

  • Work out and implement strategies to boost your super.
  • Create saving plans and spending budgets.
  • Decide how to invest your super or other assets and choose investment types that suit you.
  • Choose the best retirement income streams for your financial situation.
  • Work out strategies that may increase your eligibility for the Age Pension.

2.    Selling an investment property

If you feel the time is right to sell, a financial adviser can help you:

  • Decide what to do with the proceeds of the sale.
  • Consider any implications of selling before or after retirement. For example, if you sell your investment property before you retire, the Capital Gains Tax (CGT) you pay may be higher than if you sell it after you retire.

3.    Downsizing or making a sea or tree change

If you’re considering moving into a smaller home or to the coast or country, a financial adviser can help you:

  • Understand any financial implications, such as your eligibility for the Age Pension. Your home is exempt from means testing, but your super and other investments may not be.
  • Budget for moving and buying costs.

4.    Transitioning to retirement

You may be able to take advantage of a transition to retirement strategy that lets you start drawing down your super while you continue to work full time or drop down to part time hours. A financial adviser can help you:

  • Make the most of the tax concessions available if you opt to work full-time, top up your super and draw a transition to retirement pension from your super.
  • Work out if you can afford to cut down your working hours and use a transition to retirement pension to top up your income.

5.    Planning your estate

Estate planning can be one of the most important things you can do to make sure your family is provided for. It’s more than just having a current will. Together with your legal adviser, a financial adviser can help you:

What fees and charges are involved with seeing an adviser?

The initial consultation is free of charge and gives you an opportunity to sit with an expert and identify what areas of advice will benefit your individual circumstances. If you decide to proceed with advice, preparation costs will be discussed and agreed upon before any work is commenced.

Advice costs generally depend on how complex your financial plan needs to be and the amount you have to invest. Whatever the charges, the financial adviser will explain them clearly when they take you through their Financial Services Guide (FSG) during the initial consultation.

Want to know more?

If you feel like you’d like to speak to a financial adviser about your retirement plans please contact us today on (08) 8372 7826 for an obligation-free consultation.