Jun 07, 2023  | Tags: Retirement

Our insights

Planning for retirement is a critical aspect of securing your financial future.

For South Australians it's essential to develop a comprehensive retirement plan that aligns with your financial needs, lifestyle goals, and health considerations.

While the task may seem daunting, with the right approach and professional guidance, you can set realistic goals and work towards achieving them.

In this blog, we explore the fundamentals of goal setting in retirement planning. 

Assess Your Financial Needs 

Before setting retirement goals, it's crucial to evaluate your financial situation. Take stock of your current assets, savings, and investments. 

Consider factors such as inflation, healthcare costs, and potential sources of income during retirement, including superannuation and other pensions. 

An experienced financial adviser can help you assess your financial needs accurately and provide insights into effective strategies to meet those needs. 

Define Your Lifestyle Goals 

Retirement is not solely about financial security; it's also an opportunity to fulfill your lifestyle aspirations.

Determine how you envision spending your retirement years. Do you plan to travel extensively, engage in hobbies, or downsize your living arrangements? Consider your desired lifestyle and estimate the associated costs.

Balancing your financial needs with your lifestyle goals is crucial for a satisfying retirement.

Consider Your Health

Healthcare costs can be a significant expense during retirement. Take into account potential medical expenses, including insurance coverage and long-term care.

Assess your current health status and consider the possibility of unexpected health issues arising in the future.

Your financial adviser can help you explore suitable insurance options and integrate healthcare costs into your retirement plan.

Set Realistic Goals

When setting retirement goals, it's important to be realistic and achievable. 

Consider your age, financial resources, and time horizon until retirement. Discuss your goals with your financial adviser, who can help you set targets that align with your circumstances.

Setting realistic goals ensures that you stay motivated and have a clear path to follow.

Develop a Comprehensive Plan

Once your goals are established, it's time to develop a comprehensive retirement plan.

This plan should outline the necessary steps to achieve your goals, such as saving strategies, investment allocation, and tax-efficient approaches.

A financial adviser, along with your accountant, can provide valuable insights and create a personalised plan tailored to your specific needs and objectives. 

Stay Accountable 

Retirement planning is an ongoing process that requires periodic review and adjustments.

Regularly monitor your progress and reassess your goals as circumstances change.

Your financial adviser can help you stay accountable and make necessary modifications to your plan.

Through proactive communication and regular reviews, you can ensure that you remain on track towards your retirement goals.

Get advice and support

Planning for retirement is a crucial endeavor that requires careful consideration of financial needs, lifestyle goals, and health considerations.

By setting realistic goals and working with an experienced financial adviser, you can create a comprehensive retirement plan that aligns with your aspirations.

The importance of professional financial advice cannot be overstated when it comes to navigating the complexities of retirement planning and maximising your chances of success.

There is no substitute for quality financial advice from someone personally invested in your future. At Calder Wealth Management (CWM), we pride ourselves on leading our clients into the future with structure, financial stability, and confidence.

Contact us today to discuss all of your financial needs and concerns.

Written by Anthony Hill

The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs and, where appropriate, seek professional advice from a financial adviser. Taxation, legal, and other matters referred to on this website are of a general nature only and are based on Calder Wealth Management's interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time. CWM specializes in wealth management with a focus on advice, investment, sustainability, insurance, and finance.