Retirement should be an extremely exciting time in your life. After all, if you have been working your whole life, it can almost feel unbelievable that you get to stop and relax.
But to be able to retire on your own terms is a completely different financial challenge.
Whether you are 30 years from retiring or only a few years away, now is the time to give your retirement plan some thought. Most pre-retirees have a lot of complicated questions, so we’ve got you covered!
How To Start Planning for Your Retirement: Frequently Asked Questions
If you are feeling anxious about retiring, here are some of the most frequently asked questions about retirement to help you know how to handle the situation and control your own future.
FAQ 1 – Am I ready for the change?
Retirement brings about a lot of change to a person’s life. If you are used to the hustle and bustle of city life, going to work, and being caught in traffic, retirement will allow you to slow down and relax. However, to fully enjoy your golden years, you need to ensure that you are ready for both the financial changes as well as the lifestyle changes.
FAQ 2 – How long will I likely spend in retirement?
This depends on the age at which you retire. If you plan to retire at the preservation age of 65, you may need to plan for 25 years (or more!).
Since the average life expectancy is higher nowadays, it’s not uncommon to live until age 85 or even 90.
FAQ 3 – How much money will I need to retire?
No exact amount of money should be set aside for retirement as each person’s needs are completely different. While your day-to-day living expenses may be similar to other retirees your age, it is likely that other expenses will change according to your preferred lifestyle. Some of your more unique expenses may include:
- Travel expenses
- Healthcare costs
- Changes to housing (upgrading, relocating, or downsizing)
- Hobbies, purchases, and social activities
FAQ 4 – How can I make sure I have enough to retire?
When it comes to retirement planning, it is wise to educate yourself and don’t delay preparations, in fact, the earlier you start to prepare – the better!
The best way to ensure that you are on the right track regarding your retirement is to work with a licensed and experienced financial adviser.
Financial planning professionals will look into your financial situation and help you make the necessary adjustments to ensure that you can retire with enough money.
Retirement is a time that you should be able to look forward to, but unfortunately, not everyone has that confidence if their retirement fund isn’t on track.
Making sure you have enough money to get you through retirement is the key to being able to live a happy and comfortable life after you retire.
Get the financial advice you need as you prepare for retirement with Coastal Advice Group. Our skilled financial advisers cater to all stages of life, from young professionals to retirement, through to aged care. Book online with one of our financial advisers today!