Thinking about retiring?

If you are thinking about retiring soon, there is more to consider than you may think. But careful planning for retirement will ensure you are in the best possible position both financially and emotionally when the time comes. Consulting a financial planner is vital. A good financial adviser will help you work out the best strategies to create regular income, maximise your retirement savings and how to minimise tax.

Before you approach a financial adviser, have a clear idea of your goals. One of the most important considerations is how much money you will need for a comfortable retirement and where that will come from.

Try and give your financial adviser as much information as possible. You will need to outline your objectives, give an idea of what your expenses are now and whether a change in lifestyle will bring any major new expenses.

Once you have spoken to a financial adviser, have everything in place and feel emotionally prepared for retirement, you will need to decide on the best time to retire. Use the following checklist to determine how prepared you are:

Pre-retirement Checklist

• Have you spoken to a financial adviser about the best strategies to maximise retirement savings and reduce tax?
  
• Will you pay off your debts with any lump sum you receive?
• Have you taken into account major expenses such as a new car, overseas trip or renovations?
• Do you have the relevant insurance in place including home and contents, motor and life insurance?
• Has your will been updated and does it reflect your wishes?
• Do you need to set up an enduring power of attorney?
• Have you set some money aside for emergencies?
• Where will your income come from during your retirement?
• Have you considered when the best time of year to retire is?