Tag: financial advice
Unexpected Surprises in Retirement – How Retirees Use Their Time
user 0 Comments Retire Wealthy Retirement Planning
i love surprises however only if they'' re the good shocks do you ever really feel the exact same way in this video clip i'' m mosting likely to share the unexpected reality that doesn'' t need to be a shock in retired life retirees actually they know this yet not to the extent we'' re mosting likely to look at in this video clip and if you'' re not knowledgeable about this and also you don ' t prepare then you might get captured off guard in retirement which we definitely wish to prevent in a few seconds i'' m mosting likely to place up a photo and also this is mosting likely to be truly important because it'' s going to be just one of the keys to living a perfect retirement prior to i do that i'' m dave zoller and also i assist people retire efficiently i run a retirement preparation company called streamline financial and also me and also my team tim as well as luke and sean we'' ve been running this for'i ' ve been running it for the last 13 years and actually it'' s been around for 22 years if you'' re believing about your very own retired life we have a couple of areas open this month for a complimentary planning session so locate the link listed below currently let'' s bring up this image this shows the results of exactly how americans invest their time by age and also there'' s one component of this chart that catches a great deal of retired people unsuspecting once they get right into retirement life so i wish to share it with you so that you'' re prepared currently here ' s the recap of the very first uh the more youthful years of life here it is time spent with household as a child that comes to a head at about 15 years of ages your time spent with your good friends actually peaks around 18 years of ages once again this mores than numerous lots of people that that they'' re polling right here time spent with associates peaks at around three decades old and after that time spent with your children as an adult with your very own kids comes to a head at around 40 years of ages currently here'' s both things that not everybody in their 50s and also 60s considers the first one is essential yet i think that the second one is the one that'' s truly critical to know about as well as just get ready for the very first one is time invested with your partner rises and it comes to a head at around age 70.
so we understood that already that makes good sense however a lot of people wear'' t realize a few of the challenges that come with this i'' ve seen the strongest couples experience this adjustment duration when both of them currently are made with job as well as they'' re at residence together or if one has been home and has this regular and after that the person who retires is available in and also sort of interrupts the routine currently you might not have any worries around this and you'' re truly anticipating investing every waking hr with each other in retirement if that'' s you it may a minimum of be worth paying attention to several of the various other pairs that have experienced this as well as simply you know what are the things that they they deal with the simplest method to do it is either speak with people that you recognize that are a couple of years ahead or register for this network because i'' m mosting likely to be speaking with individuals who are doing exactly what you'' re mosting likely to be doing in retirement so be sure to subscribe and afterwards you won'' t lose out on those video clips currently this is the really essential one this is the 2nd point we recognize that this makes typical sense but not everybody is ready for it then that is time on your own will continue to increase up until you die we see social relationships related to work disappears indicating customers and consumers or the interactions there goes away the co-workers the interactions there goes away other individuals in your area whatever you understand may be other associates whatever it is that kind of vanishes when you retire all others with the exception of your partner decline that peaks are at 70 like we considered and also time on your own remains to boost now introverts viewing this could be like not a problem for me to do this that seems excellent however even autists know that in their 70s the ones that we understand they still need to consider having some they do have some value from other social communications they require they need something they require human interaction exhibitionists i recognize they'' re thinking you know no as they ' re looking at this so just how do you prepare for this action one you did it already you'' re familiar with the truths which is good action two assume have you ever before satisfied someone that'' s in retirement and also they just seem to be doing it appropriate or they may just be loving life can you meet with them on this network i'' ll share some stories as well as i'' ll share some experiences of various other retired people doing it right so subscribe to make sure that you don'' t miss it currently step three ensure that you construct in means during retirement to expand you'' ve listened to that curiosity is the eternal youth with interest you discover as well as learning provides you a sense of progression as well as as well as sort of reaching the following degree progress causes development and we understand as we age our bodies age yet we can still stay psychologically sharp we can still challenge ourselves and also we can still make progression in life one inquiry i'' d like at the end of the day to simply make certain that we'' re accomplishing progression psychologically and physically ask yourself this inquiry what progression did i make today that made today much better than yesterday and after that also at the same time after you create that down or believe regarding it respond to the concern what progression can i make tomorrow that can make tomorrow much better than today those are simply a few ideas about just how this increased time that we have with ourselves in retired life exactly how to best usage it consider it currently to make sure that we'' re ready as well as if you intend to take a look at this chart closer seek the link in the description likewise locate the function in retired life journal that i'' m creating that can be helpful as yourself type of self-reflecting and also considering how you want this following stage to be so thanks for viewing if you liked it please click such switch hopefully you subscribe and afterwards i'' ll see you in the following video clip make sure [ Music] you
Read More
Pay This Off Before You Retire – Retirement Planning Tips
user 0 Comments Retire Wealthy Retirement Planning
in this video we'' ll take a look at what costs you need to think of removing before retiring and also a few mistakes that senior citizens make when it comes to expenses in retirement there'' s a few things that you may want to bid farewell to prior to you bid farewell to that wage or that work revenue we ' re going to cover this in 3 parts it ' s mosting likely to'resemble this initial we ' ll discuss needs and desires and after that what i ' d phone call freeway burglary and after that additionally what to ear mark in retired life we ' ve seen that the retirees that can obtain rid of these expenditures prior to retiring have a little extra breathing space and they feel better concerning their retirement due to the fact that when you ' re preparation for retired life we usually think of truly 2 kinds of expenses it ' s the demands which are the basics the absolute must-haves to simply live you referred to as you consider my maslow'' s hierarchy of requirements those things at the base layer and'after that there ' s the wants which are the the good to have things yet after that there are various other kinds of costs that truly don ' t suit that group of needs or wants those are the points that we need to be finished with before retired life as well as incidentally i'' m dave zoller as well as me as well as my team we run enhance economic it'' s a wealth administration company focused on retirement planning and also we'' ve been assisting people personally for 13 years and simplifies been around for 22 years and we created this network to share what'' s dealing with our customers so that you can benefit as well so if you'' re near to retired life make certain to subscribe due to the fact that i share one new video weekly to make your retirement a little bit much better i also put some complimentary sources in the summary below like my preferred diy retirement planner if you'' re more of a do-it-yourselfer so allow'' s obtain into the checklist and after that as you ' re enjoying if i leave something out please share it in the comments listed below i'' d love to listen to from you and after that also i'' ll try to reply back to depending upon just how lots of comments i get so the initial two you will probably agree with however you may not be considering the other ones as well as i desire to reveal you means to prepare and just ensure that your retired life is a bit smoother by utilizing our retirement planning software application the first one which you currently know is to settle high interest debt which i in some cases take freeway break-in it'' s when those rates of interest are just so high and also they ' re charging individuals it simply appears unfair right that high rate of interest financial debt i'' m describing is normally credit score card debt and also often it'' s pupil financing financial obligation and you'' d be stunned at the number of individuals that in their initial year of retired life they still have a large monthly settlement in the direction of credit rating card settlements or trainee financing financial obligation and this must be the number one thing that we must concentrate on to actually lower prior to we state goodbye to that work earnings or that wage since if you retire with charge card debt and after that you buckle down about paying it off in retired life then that indicates you'' ve got this larger amount that you got to take from investments which can modify your retirement prepares i helped a woman recently who'' s not a customer but she was looking at her strategy and she wanted some aid as well as she had concerning 20k of charge card debt she likewise had more than a million dollars and her routine expenses including on this 20k of a swelling sum cost to her strategy it really made fairly an influence and also once we took a look at that together it gave her the motivation to work a bit extra and also additional hard to obtain this financial debt payment to zero or get the bank card financial obligation down to absolutely no before retiring due to the fact that she'' d have a higher assurance and it would simply increase her confidence as she was going into retirement that assurance it'' s crucial right i ' m sure you ' re feeling the exact same method i really intend to share a little bit much more regarding just how to accomplish this before you retire and throughout retirement and i share that at the end of this video clip so stay tuned the following ones are expenses that you can either pay early or at the very least you desire to set aside these in your retired life plan as well as i'' ll reveal you what i mean when i say allocate that just indicates setting apart funds for specific functions and also either not consisting of those funds in your retirement strategy or including them however a minimum of revealing the specifics within the plan and i'' ll show you some photos coming up of a retirement plan and just how to do this primary point to allocate is any kind of big travel expenditures that you'' re eagerly anticipating that very first year of retirement or really the initial couple of years of retirement a great deal of individuals start retired life as well as they'' ll truly have a large special trip that they ' ve constantly intended to take or a location that they'' ve constantly wished to most likely to as well as great deals of times that vacation it'' s mosting likely to cost even more than the common getaway that you might handle a regular year it'' s actually that cap to uh ending job and after that actually doing a larger than regular trip some customers select to take among those european uh river cruises that are pretty popular as well as they can cost 10 to 20k or more as well as understanding that this is a bigger than typical expenditure or a round figure expense coming soon right into retirement you can either pay that ahead of time like really much of the cruise areas make you do or you can at least earmark it in the plan and ensure that everything collaborate with everything as well as i'' ll throw it in there as an instance turning up quickly below'' s an example of a retirement that'' s based upon annual expenses going up annually 3 percent routine rising cost of living rate and also then over on the left side we can include some expenditures that are larger and also irregular you recognize not the normal yearly costs however things we can allocate to make sure that we can see the impact of on the strategy before actually investing the money and doing it this means we can add some comfort to your retired life plan as well as your confidence as you'' re cash therefore you can simply really feel that it'' s a great choice and also feel excellent about that getaway or whatever it may be a few other bigger than regular single costs we'' ve seen belong to your adult youngsters if you have them whether it'' s last university expenses or perhaps a wedding that you intend to assist with or future gifts possibly in the direction of a house acquisition or something like that for those you'' re not truly able to pay those prior to you retire because we wear'' t recognize when they ' re mosting likely to happen so earmarking them is the following finest action and setting funds apart to make certain that these prospective expenses that you could have in the future are prepared and also readily available prepared to release when needed one error that we'' ve seen some senior citizens make obtaining close to retirement is not factoring in these single costs and afterwards obtaining caught a little unsuspecting when it'' s time to spend for them particularly if we'' re in a market like we are now now you could be thinking one huge expenditure that i did not point out and also prior to i share that one if you enjoyed enjoying this video clip thus far and you located it useful please click the like switch so this can hopefully spread out to other individuals that resemble you as well as could locate it practical also so that one large expenditure that you could be considering that i didn'' t mention yet is paying off your entire home mortgage before you retire and also this is a huge one for numerous people as you'' ve listened to prior to behind every economic decision there'' s additionally a psychological one as well and lots of people they feel extremely highly or maybe adamant on on being debt-free in retirement as well as that'' s an actually fellow feeling for for lots of people for others relying on their economic decision it really a home loan might actually make good sense in retired life some people see it as a fixed expenditure which doesn'' t rise with inflation it in fact gets more affordable as whatever else increases with inflation and also as one dollar can get much less as well as much less in time which is generally what what rising cost of living is it might be at really eye-catching rates of interest also and also some people intend to have a little bit more flexibility in their pension by keeping some funds available in their non-retirement accounts versus utilizing that cash to repay the home loan the more crucial point to to consider when choosing whether this makes feeling whether to pay it off or not is try to determine first simply the psychological sensation or convenience with financial obligation you know on your own and after that likewise your spouse if you'' re wed and after that tip 2 is draw up both scenarios what does it appear like that strategy that we'' re simply checking out over here what does it look like if you settle debt early or put on'' t repay the home loan at all appearance at the distinction see which one'' s alright great deals of times it comes down to the strength of the emotional feeling around financial debt for one individual in the relationship or if it'' s simply you after that'it ' s simply whatever you prefer when we'' re thinking about repaying costs or allocating points in retired life obtain assist from a financial specialist a cfp could be an excellent area to begin however i'' d like to hear from you what did i not state as we'' re thinking of these various expenses in retirement i'' d love to hear your thoughts concerning these expenditures and also specifically the thoughts on home mortgage having a home loan in retired life as well as i wish to share one more video clip regarding just how raising comfort and also ensuring that you get both parts required for a successful retired life the unfortunate thing is that in this market the financial industry most of the time they concentrate on something however here'' s a video to see that ' ll aid you consider and also prepare for both sides of retired life so ideally i'' ll see you there as well as if you place ' t currently subscribe and afterwards i'' ll see you in future video clips make sure you
Retirement: I’m 60 Years Old with $900K in Savings. Can I Retire Now? What is My Risk Capacity?
user 0 Comments Retire Wealthy Retirement Planning
Hey simply a brief Disruption right here to ask you to subscribe to the channel currently what that does for you is that places us Oak Harvest Financial Team and also all the material we create in your little Television Overview so you have a much less complicated method to come back and also discover it later share this video clip with a pal or household participant as well as likewise comment down listed below I like to react to the comments currently if you have any concerns regarding your specific scenario or you'' d like to think about coming to be a client of Oak Harvest feel cost-free to get to out to us there'' s a web link in the description listed below however you can constantly reach out to us and give us a telephone call and have a conversation to see if we might be an excellent fit for each other James tells us that considering that he wants to retire as soon as feasible he he thinks it makes sense to take Social Security the initial time readily available so claiming at 62 a little more than two thousand bucks a month at twenty 5 thousand dollars per year he additionally has that nine hundred thousand bucks damaged out to four 401K cash of 700 Grand after that 200 000 in a taxed account or what we call non-qualified outside of the retirement account very essential to direct out here that the tax characteristic of these 2 accounts and also the Investments inside them and also the passion and returns and also the withdrawals from them are exhausted in different ways so that'' s component of an overall tax plan currently James also has a house that ' s totally paid for as well as worth 6 hundred thousand bucks but he'' s told me that I put on'' t want to utilize this to money any of my retired life goals I'' ve lived in this house for a long time I desire to remain in the house but we understand from a preparation viewpoint that we do have that in our back pocket if it'' s needed down the roadway so James'' s total internet well worth right here is regarding 1.5 million looking at the paid off residence of 6 hundred thousand the 700 Grand inside the 401K as well as the 200 000 of non-qualified or taxed account properties currently as part of the procedure to recognize where someone is as well as where they'' re attempting to obtain to we have to comprehend exactly how is the profile presently alloted so James informs us that Troy I recognize I'' ve wanted to retire so I'' ve been spending strongly as well as attempting to obtain ahead of the video game however below we are in 2022 and also the markets have pulled back some so that double-edged sword is beginning to kind of back its rear its head but we see James'' s 93 supply so one of the questions that we have from an interior planning viewpoint is if we maintain this very same level of threat while we retire and begin taking income out of the portfolio what does that do for what we call the threat capacity or the profile'' s ability to take on risk while Dispersing revenue in the retired life stage so we have to look at the guard rails and also guard rails are basically an analytical calculation of probabilities of the profile returning this much on the high side and a good year and also this much on the downside in a bad year if these guard rails are also much apart and we'' re taking in revenue out if we run into a bad pair of years that bump up versus that bottom guardrail however we considerably increase the danger of running out of cash so component of the analysis of the planning is is this a proper guard rail for this type of portfolio offered the preferred earnings level so with whatever we'' ve looked at so much the inquiry is if James proceeds doing what he'' s currently doing and also retires with the desired costs level the possessions that he'' s accumulated living until age 90 what is the likelihood that he has success well it comes in at about 61 so that'' s probably not a great retirement number it'' s something we want to see if we can work to boost so I ' m going to draw up the what if evaluation here as well as begin to look at some of these various decisions that we can make as well as see if we can obtain this probability to increase okay so now we have the what if analysis where we have two different columns up below on the board right now they'' re the same we ' re going to maintain this one the same as the base case every little thing that we just went through but currently we'' re going to begin to change some of these variables to see what the influence those decisions have on the general retired life strategy and this is much more of an art at this phase than it is a scientific research because we desire to begin to explore various situations and then see what is most comfortable for you when you recognize the impact of these different choices you can take some time to kind of method assume concerning them weigh the the pros and disadvantages and currently we'' re starting to work together to craft you a retirement strategy that provides us increased chances of success yet also something that you feel extremely really comfortable with so the very first pair of options we have which are the most easy and also typically have the largest impact on the strategy is that we can either work much longer or spend less so James says no I don'' t want to invest much less I have a certain strategy I desire to get my Recreational vehicle I want to take a trip the nation I want to play some golf I'' ve done my spending plan I require to spend that 70 000 for the first 10 years so the very first point we'' ll appearance at is the effect of working one more pair of years so I'' ve changed the age here to 63 as much as Retired life the only variable we'' re going to transform at this time I don'' t want to transform too several variables at as soon as I want to see the influence of various decisions how they influence the overall strategy alright so that provides us a little bit of a rise yet the following thing I desire to look at here is social security so Social Protection is a really beneficial source of guaranteed lifetime income first it'' s an enhancing stream of earnings it enhances with rising cost of living but 2 no matter what takes place with the supply market that earnings is always going to be coming in so instead of taking the 62 as well as having a considerable decrease in the lifetime earnings that we get because I wear'' t desire to transform costs we still have the 50 and 20 in here I desire to change the Social Safety and security from taking it a 62 to taking it at full retirement age fine so altering the Social Safety political election day obtains us up to 76 we'' re most definitely moving in the right direction here after a discussion with James and also he understanding that you recognize what I do feel truly safe with that raised social security earnings since if the market doesn'' t cooperate I'understand I ' m still going to have that much greater revenue later on in life so that would certainly lead us down the road to say fine let'' s look at including more assured life time revenue if we can obtain your Standard income to cover a bulk of your costs requires then we don'' t need the market to perform always as well later in life so currently we want to look at the impact of including even more guaranteed earnings to the strategy which has the result of offering more security later on in life due to the fact that if the markets don'' t cooperate we recognize we have a certain degree of income being transferred every solitary month no matter how long we live so if you go to our web site below it'' s Oak harvestfinancialgroup.com com we have up top a revenue writer quote where this is continuously browsing for the highest amounts of assured life time revenue that are offered in the industry just input the variables here so in Texas age 60 Individual retirement account cash earnings starts we ' re going to begin looking at seven years right here as well as I recognize the buck amount I would certainly desire to place in 300 000. I want to look at one more variable here since you might desire to obtain a part-time job James might want to be a starter at a golf program maybe he wants to work in the church and also he can get ten thousand or fifteen thousand dollars a year perhaps simply wants to work two three months out of the year so the next point I desire to look at is if we ' ve done all this currently what occurs if during this very first 10 years of retired life he chooses he desires to work three months out of the year or possibly just a part-time task and work one or two days a week so rather of requiring twenty thousand dollars per year we just require an additional 10 thousand allowed ' s say from the profile so really that ' s just making ten thousand bucks additional in retirement revenue you can do that driving Uber several different selections there you recognize what I ' m simply going to decrease this no I ' ll leave it there now with James determining to maybe work part-time below to decrease that costs demand in the first 10 years allow ' s see if we can also obtain them retired at 61. We'' re going to transform this back to his original objective 61 determine all scenarios as well as now this obtains us up to 94 so we started at 61 if where James was originally at whenever he came in if he maintained doing whatever he was currently doing we got him up to 94 percent here fine I desire to take a min prior to we end up the last Idea in this video clip to talk about some of the adjustments we ' ve made so far to obtain James from 61 to 94 so initial and foremost we changed the Social Security election method secondly we included that deferred revenue annuity thirdly James has made a decision to work part-time to generate 10 thousand bucks per year in those beginning years to aid lower the worry of taking out an extra twenty thousand bucks of retired life revenue and then lastly we ' ve brought the guardrails in on the Financial investment Profile which aids to remove really poor end results that could happen with his original 93 allocation to supplies we place ' t completely went to bonds or cash money we ' ve simply brought those guard rails in by lowering our Equity direct exposure in the beginning years of retired life we can constantly change that later on now last point I want to do is look at what we call the mixed details all of these things together in a spreadsheet simply so we'can see exactly how these various pieces are working with each other as well as after that look at what we call different Monte Carlo evaluates so now I want to share with you some of the specific trial evaluation that we run simply like we would certainly for a regular client to assist recognize not only where the weak places are in the profile however just how these different decisions that we ' re making effect the general client equilibrium and it ' s not just looking at what we call a typical rate of return it ' s looking at a thousand different simulations we ' re going to look at a couple right here as well as the Order of the return so inspect out the video if you want to recognize more'concerning this principle you can click the link up above and also the title of the video clip is just how eleven percent ordinary returns could damage your retirement and that ' ll really obtain house that idea of it ' s not regarding what you average but it ' s concerning the order in which you recognize returns over the training course of your retirement during the day distribution phase so below we have this private test and also we ' re gon na it ' s the typical circumstance out of a thousand various scenarios so I simply want to go'via this relatively quickly with you as well as based on some of the changes to the portfolio we see the investment return column below so all of this I think averaged out to I assume it was about four as well as a half percent gross returns I can go'back and also double check that in a 2nd but you see it ' s it ' s never ever 4 4 four four 4 4 four four or six 6 six 6 this is what it looks like in the real globe so James retires basically the beginning of 2023 we have the Deferred revenue annuity clicking on right here we ' ve altered Social Safety and security to click on right here so if we include these two together come heck or high water there'will certainly'be minimally 74 000 practically 75 000 transferred right into his bank account every solitary year currently if we look at the retired life need it ' s concerning sixty one thousand bucks plus the optional Go-Go costs is about twelve thousand two ninety nine so concerning seventy 3 thousand dollars yet what this does is due to the fact that we ' re obtaining so a lot from these two resources it really minimizes the demand for the profile to carry out and also if we kind of go out go on out through retirement you see Social Safety and security isn ' t enhancing income so later on in life currently we ' re up to regarding 89 virtually 90 000 of revenue as well as our ninety thousand bucks inflation modified retirement earnings demand is covered by the quantity of ensured lifetime earnings that we have in the profile which then allows our portfolio balances to support due to the fact that we ' re not needing it to sustain our way of life later in life so this is simply one example right here however we see the ending portfolio value also though it spends down a little bit in the beginning years fine it starts to stabilize due to the fact that the income given from the choices that we ' ve made placed us in a scenario where we put on ' t have to withdraw so much from the portfolio Okay so now I desire to look at a various trial and also just to confirm right here the 500th circumstance was an average of 4.6 however you saw the different order of those returns and also how we actually obtained to 4.6 fine so if we move this up below allow ' s assume it ' s a rather negative circumstance this is going to allow me change it right here find a worse return all right so this brings the average down to 3.05 and we still see in bar chart kind here that the profile value still is supported and also it ' s primarily since that modification in the Social Security decision as well as adding the Deferred earnings annuity it still places us into that setting to where if the market doesn ' t execute we have enough revenue from assured sources'that we ' re not reliant on the stock market to provide us earnings in retirement specifically later on in life when we generally are much more conventional and the majority of individuals that I ' ve functioned with put on ' t have the very same tummy at 80 or 82 to stay spent in Big Market pullbacks as they did when they were 52 or 62.
10 tips to ensure a successful retirement
user 0 Comments Retirement Planning
– Are you looking forward to retirement? Of course you are. Check out our top 10 tips to make sure you’re on track. The sooner you get started, the more likely you’ll have a happy and healthy retirement. Tip one is take stock. How do you want to live in retirement? Do you want to move to a new area? Do you want to do a bit of travel? How much is it going to cost? How much do you have saved? Are you on track? If not, what are you
going to do to get there? Tip two. Plan for the rest of your life. Most people are in retirement
longer than they expect. While your health and family history will influence the length of your life, most people are living longer. In fact, you could easily
live into your 90s. Plan for the long term and don’t forget that you may need extra
assistance as you get older. Tip three. Review your investments. For your savings to last
the rest of your life you need to have the right mix of growth and defensive assets and you also need to have something to bring in an income and also a bit of growth. Diversifying your assets across cash, fixed interest, shares and property can help smooth the returns. Tip four. Stick to your plan. Investments can quickly change in value and while it’s tempting
to sell out of shares when markets go south, this is often the worst
thing that you can do. It’s important to remain
focused on the long-term as they usually recover
if given a long enough period of time. Tip five. Get the structure right. By changing the way you own investments and the way you receive the income can reduce the amount of tax you pay and also increase the
amount of age pension or DVA pension you receive. Even if you aren’t
entitled to an age pension, you may be eligible for discounts which can save money over the long term. Tip six. Get your affairs in order. Estate planning allows you
to pass on the right assets to the right people at the right time. Unfortunately we are all going
to pass away at some point. The first step in a good estate plan is by getting a will. You should also speak with your solicitor about enduring power of attorney and advanced medical directive. And remember to review your estate plan every few years as
circumstances change over time. Tip seven. Stay fit and healthy. If you stay physically and mentally active you’re more likely to enjoy
a longer, healthier life. Take up a hobby, learn a new skill or maybe volunteer in the community. Tip eight. Rethink the move. Some retirees move to a new location that they’ve always wanted to retire in and it hasn’t measured
up to what they expected. If this is something you want to do, perhaps move there
temporarily just to make sure it lives up to your expectations. Tip three. Review your investments. For your savings to last
the rest of your life, you need to have the right mix of growth and defensive assets and you
also need to have something to bring in an income
and also a bit of growth. Diversifying your assets across cash, fixed interest, shares
and property can help smooth the returns. Tip four. Stick to your plan. Investments can quickly change in value and while it’s tempting
to sell out of shares when markets go south, this is often the worst
thing that you can do. It’s important to remain
focused on the long-term as they usually recover
if given a long enough period of time. Tip five. Get the structure right. By changing the way you own investments and the way you receive income, you can reduce the amount of tax you pay and also increase the
amount of age pension or DVA pension you receive. Even if you aren’t
entitled to an age pension, you may be eligible for discount. (upbeat music)
As found on Youtube
Read More
When are you hoping to retire? Retirement financial tips
user 0 Comments Retirement Planning
– When will you retire? There’s been much social
and political debate since the federal government
pushed out the age that you can access the age pension. Although most occupations don’t have a legislative retirement date, there’s no doubt that when
you can access an age pension does have an impact on the retirement date for many people. So, here’s a few examples around when you might choose to retire. The first one is when I
can access the age pension. Unfortunately for many people, this will be the only option. If you don’t have significant
assets behind you, superannuation, investment properties, savings, you may not be able to retire until you’re eligible for the age pension. This is going to be age 67 by 2023. If the government’s
current proposal is passed, it will be age 70 by 2035. If your retirement plans don’t line up with when you would be
eligible for an age pension, you may choose to withdraw
funds out of superannuation for a year or two until you become eligible
for the age pension to help subsidize your income. You might choose to stop work as soon as you can get your
hands on your superannuation. For most people, this is age 60. However, if you were
born before the mid-’60s, it can be as low as 55, increasing to 60 over that timeframe. There are other options
you may wish to consider if you wish to retire this early or earlier as well and that is using assets
other than superannuation. This is because you are still taxed on accessing superannuation
until you’re age 60. So, in a lot of cases, it can make sense to wait. So, that’s the third option. Waiting until you can access
your super tax free at age 60. The downside of retiring early is that your retirement savings have to last a long time. So, this generally means you either have to have a large balance to begin with or have a low amount of drawings to ensure it’s going to
last a long enough period and generally retirement
there’s three phases. The first phase of retirement is when you’re the fittest
and healthiest usually and you start to do the things perhaps on your bucket list. Do the travel thing, great nomad thing, maybe go overseas, do all the things you’ve wanted to do but haven’t had time because maybe you’ve had
kids growing up at home, had a mortgage to pay and obviously time taken
up by paying the bills and working your job. However, with the right advice, there can be effective strategies that we can use to make sure that you can retire when you want to retire
and live the lifestyle you want to live. If what you’re trying to
achieve isn’t feasible, it’s important to speak
with somebody’s who’s going to tell you exactly that as well. The decision on when to hang up the boots for the last time is a challenging decision both
financially and emotionally. I can assist in helping ensure that the day you choose puts you in the optimal position. (upbeat music)
As found on Youtube
Read More
Recent Comments