Laying the groundwork
How and when will you access your Super
As for how you can maximize your super – you will have several options. For greater financial flexibility, you could access a part of your super account though a transition to retirement pension (TTR) as you continue to work on a full or part-time basis or casually. If complete retirement is your intention, you can choose to take your super as a lump sum or move it into an account-based pension or annuity. These options provide a regular income stream. Furthermore, you could have a self-managed superannuation fund to maximize control of your investments. It is important to note these strategies encompass different tax implications for different personal situations and should be consulted with your financial advisor.
Other matters that need addressing
While you might have insurance, it may be worthwhile checking if it is a suitable cover to have when transitioning into retirement. As your current lifestyle could be a lot different post retirement, your cover requirement may also change.
Investments are a component of many retirement plans however it is worth reviewing your investment strategies and the options you have chosen that best accommodate your new lifestyle and goals. This could be changing from an aggressive investment strategy to a more conservative one to protect your nest egg or investing in passive income rather than growth investments.
Finally, estate planning is another element of retirement that needs to be considered. Have you documented how you want to distribute your assets when you pass and how you want to be looked after if you can’t make decisions later in life? These considerations may be well into the future, but they are decisions that will need to be made.
The realities of Retirement
Planning for retirement is an exciting time in your life so it is essential you make the most of what you have worked hard for. Getting a head start and being pro-active are the greatest ways to make the process simple and easy. This way you can spend retirement living your life to the fullest.
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-My Wealth Solutions