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5 Questions To Ask About Retirement Planning In Sydney

5 Questions to Ask About Retirement Planning in Sydney

Author: Daniel Brown

You might be sitting on your couch or office chair right now, believing that you’re ready to retire. However, what you think might be far from ideal. Many people might feel like they’re prepared to retire, only to find out they weren’t financially prepared to do. Of course, your finances aren’t the only factor to consider; you need to assess other aspects as well. That why figuring out your retirement is a little more challenging than one might realise. With that said, are you ready to start your retirement planning in Sydney? To answer that question, here are all the other questions you need to ask yourself first:

Question 1. What Is the Retirement Age in Australia?

There’s no set retirement age in Australia, meaning that you can retire at any time. However, there are other factors to consider, such as your finances, ongoing employment opportunities, age you can access your super, and even your health. If everything looks good, then you can consider retiring. However, if some things still concern you, such as your financial situation, delaying retirement can allow you to make a little more money. This way, you don’t have to worry about anything else and enjoy a financially-sound retirement.

Question 2. What Do I Want to Do When I Retire?

What you do after you retire can heavily affect what you need to have ready before you retire. For example, if you’re planning to go on lots of travelling, then you might need to save up a lot, in contrast to the smaller expenses you would incur need if you simply wanted to stay local. 

In other words, you need to understand all that you want to do after you retire. Everything from your social life, hobbies to recreational activities can affect your retirement planning in Sydney. Consider every situation to ensure your expectations are met in the future.

Question 3. How Much Money Must I Have Saved up for a Comfortable Retirement?

Again, how much you save will heavily depend on what type of lifestyle you want after you retire. However, the Association of Superannuation Funds of Australia (ASFA) has calculated figures you can benchmark against to determine your situation. They’ve found that, for couples, you will need to save up around $640,000 or more for a comfortable retirement. For singles, $545,000 or more should be enough. 

Question 4. Where Will the Money I Need for Retirement Come From?

There are a few sources from which your finances can come. It can come from your super fund, government benefits, or even personal savings. Whatever the case may be, we recommend having more than one source of money. That way, you are more likely to meet your financial needs, ensuring that you can go by every day without worrying too much about money.

Question 5. Should I Add More to My Super?

If you have a super, you might want to consider making extra contributions to it. While this will mean you have less money to spend right now, you will be happy that you did so when you finally retire. With that in mind, there are many ways to boost your super, like salary sacrificing, downsizer, and spouse contributions. Be sure to do your research to understand the pros and cons of each method to grow your super. Also be aware of the superannuation transfer balance cap and contribution caps to ensure you don’t make a costly mistake.

If Uncertain, Ask a Trusted Financial Adviser! 

By asking yourself all the questions above, you stand a better chance of finally calling it quits and retiring to a comfortable life that you can more than confidently say you enjoy! That said, retirement planning in Sydney is one of the most significant decisions in any Sydney-sider’s life, and with so many factors to consider, you might still be worried about whether or not you can retire now. In that case, we recommend that you reach out to professional financial advisers. They can assist you in creating a plan to follow that takes into account your financial standing now and what your retirement goals are. Their plan will help you meet your financial needs, ensuring that when you finally retire, you are financially sound.

Talk to Us Today! 

Sydney Wealth Advisers are professional financial advisers and planners that work closely with their clients, helping them identify suitable strategies to finance their dream lifestyle. If you are looking for a financial adviser in Sydney to help you plan for retirement, work with us today!


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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