Your Retirement Succession Plan

The Bright Side of Your Retirement Plan

Retirement is a plan you must take great care to create with help from a professional accountant. You cannot simply dream of what your retirement will look like; it’s important to decide what lifestyle you expect to enjoy and then create a plan to make that reality happen. The accountant you choose will help you reach the goals you have set for your future. Each milestone along the way, you’ll be one step closer to that dream existence where work is no longer required, you live life on your terms, and you have helped your children with their finances.

What Is The Date?

Choosing the date for your retirement is the most important step in the planning process. You may toss a number of goals at your accountant but they won’t be able to help you with a focused strategy unless they know when you plan to retire. The retirement date you have set may change at any time. It’s a good idea advise your accountant of a date change so that they may adjust accordingly. Your future is flexible.

What Is The Dream You Have for Yourself?

You are allowed to have a dream that reflects your perfect life after retirement. Definitely share that dream openly with your accountant. The two of you will work together to make that dream come true. They will factor expenses from this dream lifestyle into your retirement fund. You may want to purchase a second home as an investment property, move, buy a boat, or purchase your dream car. Each little thing that you do after retirement from flying to Aruba to skiing in the Alps should be a part of the plan.

Support Your Kids

If you’re in your late 50s or early 60s and close to retirement then contributing money into super may be beneficial, subject to meeting your current lifestyle commitments. If you are retired and over 60 then super may be an effective investment vehicle for you. If you retire, you may be able to withdraw a pension from the fund and pay no tax. Recent tax changes have made these strategies harder, however there is still opportunities available to maximise your benefits for retirement.

Please contact one of our accountants on ….. to discuss how best to use your super.