The big retirement questions to answer.
Two key questions, for many contemplating retirement, are “when should I retire?” and “can I afford it?”.
For some, retirement means a complete lifestyle change, chasing those dreams of travel and perhaps even relocating for a sea change or tree change. Others may never want to “retire”, instead continuing to work, blending other interests and activities.
Especially in the current COVID-19 environment, with investment and super balances having taken a hit, some may be wondering should they put retirement off?
I’ve seen the devastating impact of delaying retirement, purely due to finances.
After the GFC, one couple I was working with, delayed retiring because of the GFC impact on their finances. Our modelling showed that retirement was well and truly affordable even assuming markets didn’t recover (which they did). They decided that they could delay those big trips and the other things that were really important to them, to “another day”. Unfortunately, that day never came for them as the husband unexpectedly passed away several years later.
One silver lining from COVID-19, is the realisation that we can spend less and be happy and that simple things such as time with family, are more important than chasing a dollar.
Given the new (financial) year, it’s a great time to make some new (financial) year resolutions! Take action. Book a Google DUO meeting and let’s work out what your priorities are and help you achieve what’s important to you. Retirement may be closer thank you think and more affordable than you realise.
Bruce Chisholm
Financial Planner
Bruce 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.
Authorised Representative No. 1235025 of InterPrac Financial Planning Pty Ltd Licence No. 246638. Highview Wealth Solutions Pty Ltd Trading as Highview Accounting & Financial.