You are ready to retire and now what? Steps to prepare for retirement

Reasons why in Australia it is important to organise a plan, to be well prepared for your retirement:

1. Retirement in Australia - Australia is not a cheap country to live in, most certainly, not when
you stop working. Your wages are no longer coming, but your bills are, so you need to be
sure you can meet all those upcoming expenses for years to come.

2. Costs in retirement - You need to estimate how much your retired life would cost you
annually, with the lifestyle you wish to have. If you are not sure, watch this helpful video:
How much life is costing you in retirement

3. Life expectancy - Then you have to figure out how long you are expected to live. There are
two videos to assist you with this topic: How long will you live in retirement, which is one of
my first videos, so please be gentle, and the second How long will you need your income in
retirement

4. Age Pension - Is Age Pension even on a horizon for you, if it is, maximise it as much as
possible, if not maximise your investments for the income and growth, because you are on
your own and dependant on your own sources.

5. Your Home - The place where you live is important. In financial planning or investment
world, our family home is not regarded as investment. Yes, it holds value, but investment is
what provides you with an income. Home is a liability from the investment standpoint, not
an investment, however if at some point you are thinking of downsizing, this could change
your retirement and a level of your lifestyle. There are parts of Australia that are more
expensive that others. So moving to a less expensive area might be a good solution for you.
Maybe your are asset rich and income poor, therefore selling your family home might be a
solution you are looking for. I have created few videos on this topic such as: What to do
before downsizing your home or Downsizer contributions to super for better retirement or
Downsizer contributions updated, Good Bad and Smart. Watch to figure out if this is the
strategy for you.

6. Mortgage – if you still have a mortgage outstanding, but you feel you would like to retire
soon, then you really need a proper advice to calculate the best way to deal with your
financial liabilities. I have already created videos on this topic as well: Should I pay extra to
my mortgage or contribute to super or Should I withdraw from super to pay off my
homeloan. This can introduce a real dilemma, but the proper financial calculator that
incorporates all your other expenses and plans, will give you an answer, so speak with the
financial planner, meaning organise a meeting with me and together we will find the best
path for you to proceed forward.

7. Inflation – how should you protect yourself against inflation. Inflation is part of economic
cycle, but it is tough on retirees. In retirement most people try to be more conservative and
look at investments more from the asset conservation and protection, rather than growth
and inflation proof investments. You should really get a very good advice as to how set up
your savings to have both, some degree of asset and income security, while not forgoing
ability to grow your assets value to inflation proof the value of your estate.

8. Ways to set up your income stream – when preparing advice for clients, the path to
retirement is as personalised and as different for each client as your fingerprints are. There
is no such thing as one size fits all. And you really need to find your optimum scenario, if not,
you might miss out on benefits of level of income that otherwise you could be entitled to.
And that can make a difference to the level of income received, or the government benefits
you could be eligible for. So ask questions, get your plan ready and set up your retirement to
benefit the most.

VIDEO MENTIONED
How much life is costing you in retirement - https://youtu.be/YrYkz4Bfj5c
How long will you live in retirement - https://youtu.be/8O0N4rcJdgk
How long will you need your income in retirement - https://youtu.be/YjveKAjyKhc
What to do before downsizing your home - https://youtu.be/V3lzWAjIQyg
Downsizer contributions to super for better retirement - https://youtu.be/9L9lLfFEpR0

To download the book 12 PRINCIPLES OF INVESTING:
https://ebook.aboutretirement.com.au/12-principles-of-investing-download

Contact details:
Katherine Isbrandt of About Retirement
Website: https://aboutretirement.com.au/
Email: hello@aboutretirement.com.au

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