Planning Your Retirement Financially

Planning Your Retirement Financially

When it comes to planning for your retirement financially, the best advice comes from the professionals. From how much superannuation you need, when to plan, how to invest and the importance of planning a prepaid funeral, we have asked one of AMP's top financial planners what everyone needs to know when it comes to retirement.

"The number one tip for planning for retirement is to 'Plan for your retirement sooner (rather than later) to give yourself more time and more opportunity to reach your retirement goals'.

What I am finding as a Financial Planner, is that too many people do not seek financial advice (if they seek it at all) until it is too late. For example – often they have already retired or their retirement is imminent.  Also, retirement – from a financial point of view, is not simply the date that you cease working. Retirement is a myriad of personal and financial considerations which can have far reaching consequences.

And when you get down to the crux of it – what do you want to achieve at retirement ? You want income (to live on) from your investments, minimise your tax and if possible get an age pension or part pension. What people do not realise, is that Superannuation is generally the best way to achieve all of these things. Superannuation is not simple, it is very complex and there are lots of products to choose from. There are a number of Government rules and regulations that Financial Advisors know about, and your average person does not.  

So I would say to people that the most important thing you should do prior to retirement – is to get in front of a Financial Advisor, if not before – no later than age 55. We say there are three important financial 'touch points' in a person’s life – you need to be talking to a Financial advisor at age 55, 60 and 65. If you do this, I can guarantee you will be far better off (financially) than if you didn't."

Other important financial factors to consider

 

 

How much superannuation will I need?

According to the Association of Superannuation Funds Australia, for a couple to live comfortably during their retirement they will need at least $58,444 annually. For a single person the ASFA suggests that $42,569 is necessary to live comfortably. This guide assumes that individuals own their own home. For a more specific number that would see you live comfortably in retirement it's worth putting together a budget.

 

Create a Budget

Putting together a comprehensive budget for a ten year period will give you a good idea of how much money you need to retire on. Include things like ongoing household expenses, general living costs, travel or holiday plans, costs associated with hobbies and retirement activities. You can put this together yourself using a spreadsheet based on your current expenses.

 

Invest Wisely

Having a large number of assets is obviously going to be more beneficial for your retirement but having your assets in different places is also a good idea. Keeping all of your money in a superannuation account isn't the most profitable method for retirement. Invest in a number of stock or bonds, invest in property or put your money into a term deposit. There is always risk involved in any investment, so seek professional advice if you aren't confident doing it on your own. Most people find the opportunity for return is far higher when you invest diversely. By having strong and varied investments you may be able to retire sooner and more comfortably.

 

Take an assets test

By taking the Government's assets test for the age pension you will get an idea of what level of government assistance you are eligible for. If the plans for the 2015 budget go ahead some changes will be made to part and full pension eligibility. Though it may be something you don't want to consider just yet, putting money into a prepaid funeral plan could be a good idea as this money won't be counted towards your assets test.

 

Financially planning your retirement need not be a stressful process. Discuss your plans with your partner, plan out your budget and seek assistance if necessary. At Lady Anne we have been involved in the planning of a number of Sydney-sider's retirements. If you want to learn more about what a prepaid funeral entails please get in touch with one of the ladies at Lady Anne Funerals. We can give you more information about what is included in a prepaid funeral and help you plan out your arrangements to put your mind at ease and remove any possible burden from your loved ones in the future.



We're here to help

Lady Anne Funerals is here to support and assist your family through what can be a difficult time, with a ladies touch. 

We are available to discuss a range of services to support your family, including: 

  • Personalised memorial services
  • Cremation and burial services
  • Religious services catering to all faith's
  • No service, no attendance 

Please get in touch - night or day - via the form or you can call us on the number below.

Phone: 1300 74 00 74

904 Victoria Road, West Ryde 2114

Let's Talk

Some of the families we've helped

“I just wanted to send you our sincerest thanks for everything you and your incredible team did for us in making the most perfect day, celebration and farewell of our beautiful Harper.

I have given a lot of thought to your business and the industry and I think it is perhaps the most important business for families to get it right when it comes to planning a funeral which may be sudden or may be a long time in the making. Either way, when one is faced with the unfortunate situation of needing to arrange a funeral, only then do you realise the importance of getting it right.

We experienced first hand the polar opposites the industry offers. It is not just about the cars, the booklets, the music and all the things that make up the day - its about the service, the care and most importantly it’s about the people.

From our very first conversation we could sense your genuine care to our situation and your attention to detail was obvious - this was very different to the previous conversations we had with others we had been referred to. Those other companies wanted to commence meetings with the paperwork side of things upfront which is a very confronting thing to do just days after losing your loved one - and when one of the others that I am referencing couldn’t even refernece our daughters name as our meeting started - we were horrified of how poor the service of care could be.

This is where you and your team shine. After feeling very lost in our search to secure the perfect funeral director to create the perfect day, my wife all of a sudden recalled you standing out the front of your office each morning watering the surrounding gardens to ensure a beautiful front of house. Well, I can assure you, it is not just the front of house that is beautiful - its the entire package that is beautiful.

Your manner, your direction and your expertise is evident from the get go. Nothing is too hard for you or your amazing team. The personal care made us feel like we were the only funeral you were working with at the time, and that’s exactly how it should be.

The finer detail, such as driving past our house so our daughter could go past our house one last time, then leaving the most beautiful flowers on our doorstep, to bumping into us at the Church because you were just doing your own research to make sure the day was seamless. This combined with your recommendations from every aspect as everything was very foreign to us, you were able to guide us to achieve the most beautiful farewell.

The day itself was simply perfect. Not once did we have a concern. The car was shining, your team dressed beautifully, cold water provided for us, directions for our guests, directions for us. Everyone commented on how amazing the day was and how incredibly your team were. Seamless is the only word I can use. It doesn’t stop here.

Your personal care and guidance then allowed us a more intimate farewell the following day (we are so grateful for for this recommendation and possibly would have missed this special day if you had suggested it was the best idea). Again, you and your team made us feel like you had nowhere else to be, and no one else to help. Just us. The setting was beautiful, the celebrant (that you arrange and recommend) is a delightful, your team make this day even more special than the last.

This is something we never want to go through again but there will be so many others, that like us, have no idea where to start to look for the right funeral director for their own special day. All I can say is that I hope that they appoint Lady Anne Funerals. We learnt a lot quickly and it is again a business many do not ever consider needing but without question one of the most important businesses to select the right person and the right team.

I welcome any of your future potential clients to contact me if they wish to discuss our experience with the amazing Lady Anne team. We thank you for giving our beautiful baby the most incredible farewell that was exactly how we imagined it, you just made it happen.”

photo02_harper
Lee Dowdall
Karen has supported my Mum and me through the most difficult week of our lives as we not only planned a funeral, but interred my Dad to his new home. I will be forever grateful to Karen for her ongoing support, guidance, kindness, empathy and friendship over the last week. Karen has now become part of our extended circle of close family friends.
Daughter of the late Sveta Dordevich
Lady Anne Funerals has the compassion, understanding and empathy that many of the larger funeral homes do not possess. My aunts funeral was dignified and classy everything she deserved. I would highly recommend Lady Anne (and have) as they go above and beyond.
Joanne Marks
I am overwhelmed with the feedback on how beautiful it all was from all who attended. You and the other ladies were wonderful, looked so elegant, and made the day so very special for all who loved Paul.
Barbara Sommerville Enright
Karen and her staff treated us with the utmost respect we could not have been in better hands during this difficult time. My mum had organised her funeral with a prepaid funeral plan which she had purchased from Karen almost ten years ago this also made this upsetting time much easier to deal with and she got all the things that she wished for.
Malcolm Ellis
On behalf of my family, I would like to thank Lady Anne Funerals for a beautiful service yesterday for my aunt Dot. All who attended commented on how lovely the service was & the professionalism of all the staff. Thanks again very much for helping making a sad day one of celebration of Dot’s life.
Judith Neville

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