Retirement is a chance to relax, slow down and really enjoy life. No longer working is an exciting prospect but in order to fully enjoy your retirement it is essential that you start planning for it now.
What do you want your income to look like during your retirement? Early on, it is common for retired people to spend more money than when they were working. It’s a luxury you deserve but the money needs to come from somewhere. Later on, your healthcare costs will rise dramatically. NZ Superannuation is unlikely to be able to cover all of these added expenses; the rest will be down to your savings.
Your KiwiSaver may not be enough to fully prepare you for retirement. At Lifetime, we can help you set up additional Superannuation schemes so you can be certain that you will have enough money for a comfortable lifestyle during your retirement.
Have you thought about your insurances? With our increased reliance on debt, it may be that you will need to retain your Life and Trauma insurance policies for longer than you originally intended. Premiums can increase drastically as you age. Talk to an adviser to see if you would benefit from converting your premiums to level to avoid the annual increases.
Those in their twenties or thirties may not be able to rely on a government pension the same way our parents could. Retirement planning becomes even more essential. Get on the right path early and talk to us about a full financial plan for your retirement.
It doesn’t matter if you are just starting your career or if retirement is just around the corner. At Lifetime, we can help you prepare for that next step. Talk to us today and we can fully assess your financial situation, estimate how much you will need for retirement and then help you put a plan in place to make sure you get to have the retirement you deserve.
The average expected age to stop paid work in NZ is 67 years. (FSC, 2015).
OPINION: Have you ever stopped to consider just how much you will earn during your working life?
If you have a few minutes it really is quite useful to do - even if you’re not a number cruncher. All you need is your current gross annual income and how long a period you plan to stay in the workforce.
Make it your year to get your finances in order and use your money goals to guide through the next twelve months. Lifetime financial adviser Allan McNaughton reveals the most beneficial resolutions to make.
The end of the year is the perfect time to take stock of your financial situation and plan for greater success in the year to come. Each year I set aside time to review my current financial portfolio and map out my next steps in becoming more financially fit. Whether you want to tackle your debt or start building a wealth portfolio, it’s never too late to start improving your financial bottom line.
When you analyse the habits of those considered financially successful, you start to see trends in their everyday behaviour, Julian Lingard says.
1. They keep learning
Once they’ve identified areas in which they want to gain wealth, they start educating themselves in those fields.
Invest in your self-knowledge by reading the relevant books, following the right bloggers and spokespeople, and keeping up to date with policy changes in the news. A lot of websites in New Zealand even send daily or weekly updates to your mailbox. There are tons of resources out there (although it’s important to first check their credibility) that will help educate your financial decisions.