When can I retire?

The answer to this question depends on what you want your retirement to look like. As a start, you need to determine what level of income you want in retirement and what age you ideally would like to retire at. As a general statement calculators out there will then consider what your life expectancy is, based on Australian Bureau of Statistics data and factor in an assumed rate of inflation and return on investment to create an estimate of the lump sum you will need.

We take this further, first building some fat into the numbers by projecting beyond your life expectancy, but then also accounting for your personal position to understand things like whether Centrelink could be payable and how this could influence longevity of your funds. Being clear on an appropriate wealth creation strategy is another critical point, given different levels of risk will equate to different returns and levels of volatility also. When you can access your super is of course another consideration.

Ultimately most people are not in a financial position to achieve everything they want in retirement and this means it is necessary to prioritise what is most important to you. One of the significant decisions most people need to make is in what balance they value financial security and freedom for time, as retiring later decreases the length of time you need to self-fund, but equally reduces the time you have to enjoy your remaining years.

We help clients prioritise this and work through the various other options that exist to help make the retirement decision one they are empowered and comfortable with.

Speak to one of our degree qualified advisers about how this relates to you.

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The content of this presentation is intended to be general information only and has been prepared without taking into account any person’s objectives, financial situation or needs. Each person should consider its appropriateness having regard to these matters or obtain relevant professional financial advice before making any financial decisions.  Examples are illustrative only. Each person should obtain any relevant professional financial, taxation and social security advice before making any financial decisions.