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5-Star Retirement Planning for Australians
From early starters to retirees, our team has the right combination of skills and experience to help you devise an achievable gameplan for a good retirement.
Find out how your superannuation balance compares.
Take the quick self assessment to determine if you’re on track for good retirement (or not)
Specialist Advice For Retirees
If you’re on the very brink of retirement, or you’re already retired, we can still help. It’s never too late to optimise your retirement strategy. The team at Retirewise can review your superannuation, investments, retirement income, debt management, taxation, and more.
Headstart for Early Starters
Yes, it’s true that ‘early starters’ are more likely to enjoy a comfortable retirement. If you’re keen to commence your retirement planning journey at a relatively young age, we have the strategies you need to grow a nest egg without putting pressure on your cash flow.
Proactive Planning for Pre-Retirees
A happy retirement demands preparation. Pre-retirees are people who are approaching retirement. With limited time left before they stop working, proactive financial planning is essential. If you’re a pre-retiree, our team of expert advisors can help devise a medium-term retirement strategy before it’s too late.
Specialist Service for Wealth Builders
‘Wealth builders’ are those in the peak of life. They are often approaching their maximum earning potential. If you’re a wealth builder and you haven’t yet started retirement planning, then time is of the essence. In order to maximise the future potential of your current income, you need to start planning now.
What Can A Financial Adviser Do For You
Frequently Asked Questions (FAQs)
According to the estimates by the Association of Superannuation Funds of Australia (ASFA), you need at least $545,000 if you are single or $640,000 if you are a couple to live a comfortable retirement.
Take note that these estimates are applicable to retirees who are homeowners and don’t need to pay mortgage or rent.
In general, you need 70% to 80% of your pre-retirement income to sustain your lifestyle during retirement.
So, if you are earning $5,000 per month today, you may need to earn around $3,500 to $4,000 a month in retirement. Please take note that this estimate does not account for future inflation.
According to the Association of Superannuation Funds of Australia (ASFA), the top three expenses of retirees on modest lifestyle are food, leisure, and health, with weekly spending of $175, $149, and $97 respectively.
In Australia, you are not required to hire a financial advisor to retire. However, like anything there are downsides to trying a do-it-yourself (DIY) approach.
Statistically, the retirement phase of your life is likely to go on for several decades (at least) once you stop working.
This is a very long time over which to manage finances, income, and investments. During such a long period, you are likely to encounter all manner of risk events, such as:
- Economic downturn
- Sharemarket volatility
- Money market liquidity issues
- Cost of living pressures
- Property market correction
- Legislative changes to superannuation
- Changes to pension entitlements
Not to mention the constant demands of ‘longevity risk’. That is, all major financial decisions throughout the full duration of your retirement must be weighed against your remaining life expectancy at any given time.
This is quite a burden to carry, especially for those without any financial planning experience.
It explains why so many Australians do choose to engage the services of a qualified financial adviser when it comes to retirement advice.