Retiring is a huge part of any life as you hang up your working shoes and settle into a new phase of your life. You want to ensure you are fully prepared for this exciting next chapter and should use our tips, including investing wisely and checking your superannuation fund to get the most out of your retirement in Brisbane.
Top tips for retiring in Brisbane
To help you get the most out of your retirement in Brisbane, we have eight tips from experts that will allow you to ease into retirement. Our tips include understanding your superannuation fund, setting an income goal target, and seeking professional advice where needed. We have detailed these tips and more below to provide you with all the guidance you need before retiring in Brisbane.
1. Know when you can access your superannuation fund
Our first tip is to understand when you can access your superannuation fund, allowing you to access your largest sum of money when you retire. Typically, you can access the money when you are 60, known as the superannuation preservation age.
When you reach this age, you can have partial or full access depending on your employment status. Accessing your super fund before you retire allows you to look at ways to increase your fund and utilise the money you have to prepare for the next stage of retirement.
2. Have a retirement income goal target
It is best to have a retirement income goal in mind, so you know where you are headed. Doing so will help you keep on track and help you meet your goal, allowing you to retire with plenty of money to support you and your family. You will want to consider the expenses you need to cover and how you plan to spend your retirement. Do you want to travel a lot or possibly move home? Considering these helps you set a goal that allows you to realistically live the life you want.
3. Plan to retire early
For most people, they aren’t aware of how early they can retire until they are provided with planning advice. In some cases, you might be able to retire three or four years earlier than you anticipated. This is down to underestimating your financial position or not understanding the benefits of retirement tips and strategies that can allow you to save more and finish working sooner.
Spending some time with an adviser can help you understand your finances better and see if you can retire earlier than you expected.
4. Know where your income will come from
An important part of preparing for your retirement involves knowing where your money will come from. Without a typical income, you will need to make sure that you have enough money to sustain yourself and your family.
Your money will likely come from a pension fund, but you can also look at tax-free retirement income streams that will supplement your pension and provide you with more money to enjoy your retirement. Investment properties can be used here, along with shares and other investments. An advisor can help you find the right sources of income that suit your needs and lifestyle.
5. Have an understanding of your investment options
It is also worth having an understanding of your investment options, allowing you to get the most out of your investment projects. You will want to consider how much you can afford to invest and how much you are willing to lose should there be any economic changes that impact your investments.
An investment advisor can help you here to ensure that you get the most out of your investments, allowing you to prepare for your future retirement without worrying about losing your money.
6. Consider a transition
You should consider a transition to retirement, which helps you transition into retirement without losing too much money. You should consider how you will transition from a full salary to your pension, with transitions allowing you to start an income stream with your superannuation balance. The extra income as you transition can be used to:
- Pay your debt off faster
- Afford higher salary sacrifice contributions
- Supplement reducing hours
- Convert taxable super components to tax-free components
7. Maximise super contributions
Superannuation provides tax concessions when you make contributions, providing you with concessions on tax-free investments, giving you tax-free earnings to enjoy when you retire. It is important that you maximise these superannuation contributions before you retire to provide as much money as possible for your future.
You can also continue to make contributions as you pass retirement age, giving you time to increase your contributions and continue to make investments. We recommend preparing a contribution plan, giving you a solid plan to follow and a goal in mind, instead of adding to your fund without any goal in mind.
A contribution plan for your superannuation should include concessional and non-concessional contributions. You might want to consider spouse contributions, CGT retirement expansion, and downsizer contributions.
8. Seek professional advice
While our tips can be helpful, they won’t be as good as getting financial advice. You should seek advice from a financial adviser, who will carefully look at your income and outgoings to create the perfect plan for you. A financial advisor will have an in-depth understanding of the market and can help you get the most out of your funds.
Find your retirement planning advice today
For personalised guidance on preparing financially for retirement, we suggest reaching out to the experts at Solace Financial, who specialise in retirement planning in Brisbane. Their experienced advisors will work closely with you to create a tailored retirement strategy, considering superannuation, income streams, investments, and your lifestyle goals. With their deep understanding of the Brisbane market, Solace Financial can help ensure you’re on track for a comfortable and secure retirement.
