Retirement presents a number of new challenges as well as uncertainty for many Australians. The current economic volatility and low return on cash savings are increasing drivers for Australians seeking advice. It is important to obtain appropriate and tailored advice as it will help retirees navigate the change from saving for retirement to relying on your savings during retirement.

The danger of running out of money is the second biggest worry for retirees, with 53% of Australians concerned about outliving their savings. (National Seniors Australia 2020[i])

There are many ways we can provide value when planning for retirement:

  • Reviewing your historical spending to determine likely spending habits during retirement to know how much you need to support your lifestyle.
  • How to structure your savings to minimise or even eliminate tax.
  • Review your risk tolerance and understanding of the risk-return relationship.
  • Assist eligible retirees to access Centrelink benefits to supplement income and extend retirement asset longevity.
  • Ongoing review service to ensure you remain on track and are coping outside of employment.

The COVID-19 global pandemic is the current driver of volatility and low interest rates. The need to maintain a long-term investment strategy and avoid instinctively making emotional decisions is imperative to ensure that your retirement savings continue working for you.

Understanding your needs and objectives allows us to provide tailored and relevant strategies to support effective decision-making and a long-term plan that guides you through a stress-free retirement.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.