The ‘Home Stretch’ – 45 – 60 years
This is the time in life where you start to think a little more seriously about your pending retirement. For those that have children, you may also find that you start to get some freedom back now the kids are older or have left home. Financially, you’re probably earning at your peak, the mortgage is in good shape and superannuation is much more on your radar. But like the other life stages, there’s plenty going on, so where should your focus be?
Some of the benefits you may receive by addressing the focus areas above include:
- Effective allocation of your income and a plan that is aligned with your own personal goals (both financial and lifestyle)
- A robust superannuation plan, that is designed to boost your superannuation savings, while saving you tax along the way
- Proactive taxation planning. That is, a plan that ensures you are optimising your taxation position both personally, inside superannuation as well as with your direct investments
- A correctly executed Estate Plan, inclusive of your instructions relating to guardianship
- Elimination of your existing mortgage
- Reduced insurances – you may find that you can divert premium cost to your retirement savings as your insurance needs are lower
- Confidence that you are making the most of your opportunities as well as access to a professional sounding board when you need it
At this stage of life, it is important to start planning for retirement as early as possible (ideally at least 5 years before retirement) to ensure you give yourself the best chance of meeting your retirement goals. Contact us and start planning.