Safeguarding your retirement plan

From wills to long-term budgeting, there’s a lot to think about when making your retirement to-do list. Here’s some top tips to make sure you’ve ticked all the boxes.


1. Check your Will and Power of Attorney documents

Without a valid will, an administrator will be appointed to manage your estate, which may cause your family plenty of problems. To save them stress, ask a solicitor to draw it up for you and make sure you and two witnesses sign it.  Powers of Attorney protect you whilst you live, but can’t make your own decisions.  Pick the person you trust most to make the big decisions in your life.

2. Plan your estate

Think of your estate plan as your family’s stress-free action plan that they can turn to for guidance when you pass away. It should cover all of your documents, contacts, debts, bills and assets so your family can easily figure out what to do with them.  And don’t just put it all on paper, communicate with your family now, and let them know what you’d like so everyone is clear.  It may save problems later!

3. Budget for the long haul

Australians are living longer than ever – which means your retirement savings also need to last longer. Create a long-term budget that will help you live the lifestyle you want – and don’t forget about healthcare costs. Then comes the most important part of a budget – sticking to it.  Think of it as the plan you’ll follow for future spending.

4. Invest in your future

From boosting your superannuation to investing in shares and property, understanding your investment options can make a huge difference to your retirement savings. When you start investing – the earlier the better – make sure you have a mix of investments to spread your risk.  And invest in yourself!  Learn and partner with a professional to maximise your options.

5. Be wary of scams

Investment scams are on the rise in Australia, with perpetrators directly targeting retirees to access their superannuation funds. Protect yourself by never giving out your financial details over the phone or by email. And be suspicious of anything that sounds too good to be true.  You know it probably is!

6. Start thinking about insurance

Many insurance policies expire at a certain age, leaving you without cover. And if yours comes from your superannuation fund, it could be eroding your savings. From age-based insurance policies to products that cover funeral expenses, you should seek professional financial advice to develop a plan that is appropriate for you as you enter retirement, so touch base with your planner sooner rather than later.

Amanda is the Adviser Director of Wealth Planning Partners. She is passionate about assisting her clients with The WPP Way, helping them Secure, Build and Succeed financially. She is Gold Coast based, but loves travelling domestically and internationally.

Posted in Budgeting, Finances, Insurance & Protection, Superannuation, Wealth Tagged with: , , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *