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Retirement Planning

3 Tips to Ensure Retirement Planning Success – Our Guide


A good retirement does not just happen out of nowhere—it requires multistep strategic planning, which should be allowed to curate as time passes. Everyone dreams of easing into retirement, where days can be comfortable, secure, and utterly peaceful. To do this, however, you’ll want a strategy to build a financial bubble to fund a fun life—and the process can be boring. 

All the best things in life are earned, and the same holds true for retirement. You’ll want to plan early and ponder on your goals, as well as the specific time you have left to make them happen. Diving deep into your savings accounts can also help, along with potential saving plans and investments to allow it to grow. 

Despite the benefits of an easy retirement, however, only 44% of Australians aged over 40 feel prepared for retirement. If you’re one of the 56% of Australians who are yet to feel fully prepared for a good retirement transition, here are some tips to keep in mind:

1 – Keep your timeline in mind 

To get started with a feasible retirement plan, you need to take your current age into account. This serves as the groundwork for your strategies—the longer time between right now and your future retirement, the better your plans will be. You’ll want to save as much as you can, even if it’s just a few dollars out of the paycheck. When it comes to money, never underestimate the power of compounding. It will likely be worth so much more by the time you need it.

As the years pass, however, you’ll want your focus to be redirected to capital preservation and income, which means investments, bonds, and stocks. A thorough strategic plan will help you achieve your retirement goals, but keep it as versatile as possible. When you’re 64 and ready to retire, your financial goals will already be entirely different from the lens of your 30-year old elf. 

2 – Track your spending needs

When it comes to retirement planning, you’ll also want to keep your spending habits in mind. While most individuals will be compelled to save, keep in mind that life can unfold in unexpected ways. You may end up having to spend on medical costs, or perhaps pay off the rest of your mortgage. You may want to splurge on travels and other goals, so leave room for your spending needs.

Your income will also be affected by your homeownership goals and children’s educational needs, which will present itself a decade or so before your retirement. These elements need to be factored into your overall strategic plan, so remember to update your plans and keep them accurate. 

3 – Invest in estate planning 

If you want to enjoy a well-developed retirement plan, you’ll want to enlist the help of various professionals. Consulting the best financial advisors can help you gain access to life insurance policies, along with a good estate plan. Investing in these will allow your assets to be protected and distributed accordingly, especially after your passing. You may want to ponder on the following items:

  • Trust funds
  • Cost and taxes
  • Powers of attorney
  • Wills

Good Retirement Planning For Better Days 

The burden of retirement planning may be difficult to bear, but it’s a plan worth pursuing. You’ll want to ensure that all your assets remain intact during your retirement years and after your death, and to do that, early planning is key. Make sure your plans strike a balance between realistic expectations and desired outcomes. For foolproof retirement planning, however, flexibility is key!

To ensure that you arrive at well-informed decisions, allow our financial planners to help. Jubilee Financial believes in the power of healthy financial goals, and we’ll help you achieve that stability regardless of your age, situation, and income. Allows us to help you lead a financially fit life and prepare for retirement—reach out to us today!

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