No BS Retirement Planning Advice
How It Works
How the retirement planning process works at Retirewise. Our experienced advisers will guide you through a process that is designed to help you achieve your goals.
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How Exactly It Works
Clarify and Prioritise Goals
We begin by helping you identify and prioritise your financial goals, whether you are an individual, a family, a professional, or a business owner. We understand that everyone's financial goals are unique, so we work with you to determine what's most important to you.
Research and Develop Strategy
Once we have a clear understanding of your goals, we conduct extensive research to develop a customised financial strategy that is tailored to your unique needs and circumstances. This may involve considering multiple scenarios to assess different outcomes and determine the best course of action.
Create Clear Action Plan
After we have developed your financial strategy, we create a clear action plan that outlines the steps you need to take to achieve your goals. This includes specific recommendations for investments, savings, and insurance.
Offer Ongoing Support
We understand that life is unpredictable, so we offer ongoing support to ensure that you are on track to achieve your goals. This includes accommodating any changes in your life, such as a new job, updating your insurance, or a new savings goal.
Inform, Consult, and Engage
Throughout the process, we seek to inform, consult, and engage with you to provide clarity and ensure that we are always acting in your best interests. We believe that it's important to keep you informed and involved every step of the way.
We believe that the financial planning process can be empowering because instead of just worrying about your finances and how you are going to achieve your goals, you are taking action which makes you feel more optimistic about the future. Our goal is to help you feel confident and in control of your financial future.
We offer a complimentary initial meeting to discuss your goals and objectives, and to determine if our services are suitable for you. There is no obligation or cost associated with this meeting.
The cost for our services depends on the level of complexity of the work required. In general, we charge a one-time fee for the preparation of a comprehensive Financial Plan. This includes identifying your needs, conducting research, providing recommendations, discussing the plan and making adjustments, followed by the implementation of our recommendations.
Our Financial Plan outlines the basis of our strategy, along with the benefits and drawbacks of our recommendations. It also includes full disclosure of any additional costs to you, as well as any other remuneration we may expect to receive as a result of your agreement to our recommendations.
In some cases, our Financial Plan may recommend regular review of your circumstances to ensure our advice remains appropriate. If so, we would negotiate an ongoing agreement with an annual fixed fee or a percentage-based fee on funds under management.
Frequently Asked Questions (FAQs)
There is no one-size-fits-all answer to this question, as retirement advice will depend on each individual's unique circumstances and goals. However, some general retirement advice for Australians could include:
- Start planning and saving for retirement as early as possible, ideally in your 20s or 30s. The earlier you start, the more time your savings have to grow.
- Consider making additional contributions to your superannuation account, such as through salary sacrifice or after-tax contributions. This can help boost your retirement savings and potentially reduce your tax bill.
- Review your superannuation investments regularly and ensure they are aligned with your risk tolerance and retirement goals.
- Consider other investment options outside of superannuation, such as property or shares, but make sure to seek professional advice before making any decisions.
- Think about what kind of lifestyle you want in retirement and how much money you will need to support it. Use online calculators or seek professional advice to estimate your retirement income needs.
- Consider the potential impact of inflation on your retirement savings and plan accordingly.
- Have a contingency plan in case of unexpected events, such as illness or a change in personal circumstances.
- Seek advice from a qualified financial planner who specialises in retirement planning. They can provide personalised advice based on your individual circumstances and help you create a retirement plan that suits your needs and goals.
The stages of retirement for Australians can vary depending on an individual's unique circumstances and personal preferences. However, there are some common stages that many retirees may experience, such as:
- Pre-retirement: This stage can begin several years before retirement, during which individuals start to plan for their retirement, consider their financial situation, and may start to wind down their work commitments.
- Early retirement: This stage usually starts around the time of retirement and can last for several years. During this stage, retirees may have more free time to pursue hobbies or travel, but may also experience a transition period as they adjust to their new lifestyle.
- Mid-retirement: This stage can last for several years and is characterised by a more settled retirement lifestyle. Retirees may continue to pursue hobbies or interests, travel, or spend more time with family and friends.
- Late retirement: This stage usually starts in the 80s or 90s and is characterised by a slower pace of life and potentially increased health issues. Retirees may require more support from family members or caregivers during this stage.
It's important to note that retirement stages can vary widely depending on an individual's personal circumstances, financial situation, health, and other factors. Retirees may also experience different stages at different times, depending on how their circumstances change over time.
The best age to retire in Australia can vary depending on an individual's personal circumstances, financial situation, and retirement goals. Here are a few things to consider when determining the best retirement age for you:
- Financial situation: It's important to have enough retirement savings to support your lifestyle throughout your retirement. The age at which you retire may depend on when you have accumulated enough savings to meet your retirement goals.
- Retirement goals: Some people may have specific retirement goals, such as travelling, pursuing a hobby, or spending more time with family. The age at which you retire may depend on when you can afford to achieve these goals.
- Health: If you have a physically demanding job or a job that causes you significant stress, retiring earlier may be beneficial for your health.
- Superannuation eligibility: In Australia, individuals can access their superannuation at a certain age depending on their birthdate. For those born after 1 July 1964, the preservation age is 60 years. This may be a factor to consider when determining your retirement age.
Overall, there is no one-size-fits-all answer to the best retirement age in Australia. It's important to consider your personal circumstances and consult with a financial planner to determine the best retirement age for you.
The amount of money you can receive from Centrelink when you retire will depend on several factors, including your age, assets, and income. Centrelink provides two types of payments to eligible retirees: the Age Pension and the Commonwealth Seniors Health Card (CSHC).
The Age Pension is a fortnightly payment that provides income support for eligible individuals who have reached Age Pension age, which is currently 67 years, if you were born on or after 1 January 1957. The maximum amount of Age Pension you can receive will depend on your individual circumstances, such as your income, assets, and living arrangements. As of April 2023, the maximum basic rate of Age Pension for a single person is $1,064 per fortnight, while for a couple, the maximum is $802 per fortnight each.
The CSHC provides eligible retirees with access to cheaper prescription medicines, medical services, and other health concessions. To be eligible for the CSHC, you must have reached Age Pension age but not qualify for the Age Pension or other government payments.
It's important to note that the amount of money you can receive from Centrelink when you retire can vary depending on your individual circumstances. You can use the Centrelink Payment and Service Finder tool to get an estimate of the payments you may be eligible for based on your personal circumstances. Additionally, seeking advice from a financial planner can also help you better understand your retirement income options.