Money Mindset – Our New Monthly Feature in the Dingley Dossier!
Richard Vaughan, Senior Financial Adviser at Highview, is passionate about educating people on the value of sound financial guidance. Over the past three months, he has been contributing articles to the Dingley Dossier, a local publication, offering valuable insights on topics such as retirement planning, estate planning, investing and wealth creation, aged care planning, and Centrelink strategies. In his monthly column, ‘Money Mindset,’ Richard shares some of the advice he provides to his clients.
In his debut edition, Richard chose to delve into ‘Retirement Planning’ – a subject he frequently explores with his clients. Here is the article to assist our Highview audience who may be thinking of planning for their retirement.
RETIREMENT PLANNING
Investments
Let’s get the elephant in the room out the way – and quickly refer to investments in retirement planning. Although investments are an important aspect to retirement, they are just the ‘fuel’ that drives effective strategies, rather than being the most important part of planning for your retirement. Now, moving on.
On the road to retirement
Think about retirement as a journey, but more specifically – a thoughtfully planned out, long scenic car journey with many activities or events (even beautiful views!) to be enjoyed along the way.
It is essential that all necessary preparations have been made, just like making sure your car is in optimal condition before setting off on a long road trip. Keep in mind that this journey may span over a period of 20 to 30 years, during which there may be changing conditions that you should be prepared for. It is also vital that you identify what your roadmap is going to look like. Will your vehicle last the timespan? What ‘servicing’ will your vehicle need throughout the journey? And ultimately, where do you want to go, what do you want to see, and what kind of money will you need to get there?
Firstly, you will need to make sure that your tank is full of ‘fuel’ (investments). However, the type of fuel you use, whether it be Ethanol based, Regular, Premium, or even High Octane may be irrelevant if you don’t have the right equipment (financial goals and strategies).
You want good suspension to navigate rough terrains, quality tires to handle sharp turns safely, a reliable GPS for efficient navigation, functional brakes and airbags for unexpected situations, and routine maintenance for optimal performance…. I think you get my drift.
Of course, everyone’s journey and financial position is going to be different. Some people may enjoy and have the ability to travel in luxury – complete with leather seats and the sunroof down. While others may prefer a simpler journey, with a ride to just take them from Point A to Point B.
The best way to plan your retirement journey is to get the set up right first, build the navigation plan, know where you want to get to, and be prepared to alter the plan if things change.
Ok, enough with the analogies….
As Advisers, it is important for us to assist our clients in developing a comprehensive retirement plan tailored to their individual needs and goals. Each client has unique financial circumstances, retirement aspirations, and considerations for their legacy. It is our responsibility to recognise and address these differences, as there is no one-size-fits-all approach to retirement planning.
Over the next few editions, we will be looking to share an insight on some of the strategies that we employ to help our clients live their best lives in retirement.
Safe driving everyone!
Richard
Want to reach out to our Financial Planning Team? Email financialplanning@highview.com.au today!
Article written by Richard Vaughan, Senior Financial Adviser at Highview Accounting & Financial. Richard has written his article for general information purposes only and it does not constitute personal advice. This information has been prepared without considering any individual’s objectives, financial situation or needs. You should not act solely on the basis of material contained in this article. We recommend that formal advice is sought which considers all your individual objectives and needs.
FINANCIAL PLANNING DISCLAIMER:
Highview Wealth Solutions Pty Ltd ABN 96 135 996 842 T/AS Highview Accounting & Financial (Corporate Authorised Representative No. 337009), Richard Vaughan (Authorised Representative No. 358609), Calvin McLeod (Authorised Representative No. 1270067) of Highview Wealth Solutions (Aust) Pty Ltd ABN 22 665 047 530 T/AS Highview Accounting & Financial AFSL No. 546561. www.highview.com.au