At Retirement: Retirement Ready Steps

Retired couple enjoying their retirement stage with Plan4Wealth

Retirement Ready Steps: Your Guide to a Smooth Transition into Retirement

Are you ready to retire from full-time employment? Retirement is a significant life event that requires careful planning and execution. At Plan4Wealth, we understand the importance of well-structured retirement steps. Our service is called Retirement Ready Steps. It is designed to guide you through the transition seamlessly. It ensures you can enjoy your dream retirement stress-free.

What Are the Retirement Steps?

The retirement process involves these crucial steps. They ensure a smooth transition into your post-work years:

    1. Check Your Retirement Goals: Your goals have shaped your retirement plans. They may include travelling, pursuing hobbies, and spending time with family. These goals make you look forward to your retirement. It’s now time to review those retirement goals and aspirations you set for yourself.
    2. Review your Retirement Budget: Remember, many expenses are reduced during retirement. But some, such as healthcare costs, may increase. Developing a retirement budget is essential to managing your finances effectively. It outlines your expected expenses and income sources in retirement. It lets you plan your dream retirement accordingly.   
    3. Assess Your Retirement Savings: Once you have reviewed your retirement goals and budget, ask yourself: “Do you have enough savings to achieve them? Can they be done within the timeframes you set for yourself?” If the answer is a resounding YES, then you’re ready to retire. 
    4. Consult a Retirement Advisor: Get guidance from a retirement advisor. They can give expert insights and help you make informed investment choices. They can help you optimise your superannuation contributions at retirement. They can also help protect your income. 
    5. Exit Strategies:Plan your exit from paid employment carefully. This may involve running long service leave calculations or choose between payment optionsYou may want to delay your exit to optimize the  best timing for superannuation or age pension purposes. You may need to replace any work benefits lost on resignation. And leaving on good terms may also let you return part-time later if you want to work in retirement. 
    6. Set aside Emergency Funds: Dedicated funds should be set aside for unexpected expenses. This is a crucial part of any retirement plan. Invest these funds in a risk-free manner while optimising returns. 
    7. Discharge Your Mortgage: Once you are sure you no longer need the redraw facility, follow your bank’s process to discharge your mortgage. Use retirement or other savings to pay off your mortgage and other personal debtsMake sure that you have a safe place to hold any property deeds or other documents thereafter. 
    8. Centrelink Age Pension Entitlements: Understanding your Centrelink age pension entitlements is essential to maximizing your retirement income. We’ll help you navigate the complexities of the Centrelink system. 
    9. Estate Planning Considerations: Update your comprehensive estate plan. This will ensure your assets are distributed as you wish.  

Why Do You Need to Follow a Process When You're Retiring from Full-Time Employment?

Retirement can be a challenging change. You must follow a structured retirement process. It is key to reducing financial stress and making this an exciting time. With a clear financial roadmap, you are less likely to miss out on tax deductions. You'll also avoid missing government entitlements or other income sources.

Who Benefits Most from Assistance with the Retirement Process?

It’s not only retiring Australians with complex finances who would benefit from retirement planning. Any Australian over 60 who believes they are ready to retire would benefit. They need a detailed, step-by-step checklist to follow.

Plan4wealth a local financial planning business for seniors and retired couples

Why Choose Plan4Wealth to Guide
You Through the Retirement Steps?

At Plan4Wealth, we understand that every individual’s retirement goals are unique. Here’s why you should choose us:

    1. . Expertise 
      Our team of experienced financial advisors knows a lot about the retirement process. They are also familiar with how the markets operate. Mary Benton is one of our key advisors. She has several years of experience assisting clients with their retirement steps. She has a friendly but clear communication styleShe customises solutions to meet your needs. She and the rest of our Plan4Wealth team have the knowledge to help you.

    2. Comprehensive Services 
      We specialize in retirement planning services. We help you in maximising your superannuation and Centrelink benefits. But more than that, we take away the pain of working it all out by yourself. 

    3. Personalised Approach 
      We know that everyone’s financial position is unique. As a result, we make tailored recommendations to fit your preferences and requirements. Whatever your current situation, we tailor plans specific to you.  

    4. Ongoing Support 
      We can continue helping you after you move into retirement. As your life changes, we will work with you to ensure that your financial plan continues to work well. We will make changes and guide you on how to deal with every situation that arises, good or bad

    5. Proven Track Record 
      We have over 200 satisfied customers and have earned positive feedback on Google. People know us as the best financial planners in Melbourne and Pakenham. We provide excellent outcomes for our clients. 

How Plan4wealth can help: Retirement Ready Steps

Our Retirement Ready Process includes:

Retirement Goals, Retirement Budget and Retirement Savings

We will review all of these with you. We will see if your retirement savings are enough to fund your dream retirement. This is especially important now that we live longer and markets are volatile. We can then guide you on cutting or cancelling unneeded expenses. For example, income protection insurance. Or, we can suggest spending more on things like hobbies or healthcare.

Exit Strategies

We will review the timing of your final termination date. We will calculate your options for taking any leave you haven't used. We will check for possible benefits that will be lost with your resignation. Future casual employment options may be built into your retirement budget.

Final/Future Superannuation Contributions

We help you optimise your superannuation contributions at retirement: amounts, ownership, and timing.

Setting up your Retirement Investments

We will find, choose, and set up tax-efficient investments for your retirement savings. We match your cash flow timing and amount to fit your lifestyle.

Simplifying your Financial Situation

We can advise on the timing of selling other investments. These include properties or shares. Generally this happens in the period leading into or just after full retirement.

Emergency Funds

We will guide you to invest these funds in a risk-free manner while optimising returns.

Discharge Your Mortgage

We will review whether your future goals need continued access to a redraw facility. We will do this before you pay off your mortgage and other debts. We will check that you have a safe place to hold any property deeds or other documents thereafter.

Centrelink Liaison

Optimizing Centrelink Entitlements ​

We help you navigate Centrelink system. In other words, we calculate and apply for entitlements on your behalf.

Estate Planning Considerations

We hold those robust talks with you as you review your estate plan. We want to ensure your assets go where you want, with minimal tax payable along the way.

Are You Ready to Go Through our Retirement Steps?

Plan4Wealth offers the Retirement Ready Steps. We can be your guide to a smooth and secure retirement. By following our retirement steps, you can meet your retirement goals. You can also cut financial stress and enjoy the retirement you’ve dreamed of. 

Take the first step towards a stress-free retirement. Book a free call and start on the path to your dream retirement!  

Download our free checklist, “Before you hand in your notice….Your handy retirement checklist!”. 

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