This is really the consolidation stage of life. You might now want to have some of the added luxuries of life such as vacations, memberships in clubs, and time to pursue other interests. It is really important to develop interests outside your career so you have things that you love to do when you retire.
At this stage you are probably at the peak of your career and should be maximising your contributions to super and other investments to ensure you have a comfortable retirement and can have a similar standard of living to the one you enjoyed during your working years. It’s important to make sure you will have enough money to retire comfortably and that your income will last as long as you do. You may now be able to decrease insurance and focus on investment outcomes and maintaining good health and fitness.
‘Transition to retirement’ is one valuable strategy which can allow you to access income from your super. It can allow you to reduce your working hours in order to develop other interests; it can also be a valuable tool to help you maximise your super contributions and to reduce the tax you pay.
Good financial planning advice can have a massive positive impact at this stage of your life. If you have never engaged with a financial planner before you should contact us now to make sure you maximise your potential.
Please feel free to contact us if you would like to discuss your options with one of our financial planners.