3 financial "must do's" before retirement

February 18, 2021

Tagged in:

Retirement may be years away or just around the corner, either way there are some financial ‘must do’s’ that we think really need to be considered before taking this important step.

Working with dog

Decide on your objectives for the future

If you want to make the most of what could be the longest holiday of your life, careful planning now will help ensure you enjoy life when you get there.  

What would you like your retirement to look like? 

Do you want to travel extensively, or would you be happier staying at home with the grandkids? Do you want to stay in your current home or are you thinking about downsizing or having a tree change? These type of lifestyle questions need to be asked and answered realistically in order to map out your future. 

Understand how you spend your money

A good way to find out how much income you may need in retirement is to figure out how much you’re spending now. Start by tracking your weekly, fortnightly, monthly, quarterly and annual spend. Then assess what is essential and your spending ‘leaks’ from impulse and whimsy purchases. 

Once you have your current day to day expenses sorted, have a peek into your future with the retirement income projector and:

  • estimate your retirement budget
  • compare the outcomes of different scenarios
  • see how a variety of market changes may impact your retirement savings.

 LAUNCH PROJECTOR

If in doubt, seek advice 

Financial advice can not only help you manage your finances, but it can also make you feel more confident and in control at retirement compared to people who don’t receive advice. It can make a big difference to your future by:

  • creating strategies to achieve your financial goals
  • determining if you qualify for social security benefits i.e Centrelink
  • building long-term tax effective savings not just within super
  • avoiding expensive mistakes
  • protecting your family if something happens to you so they have ongoing financial security.

As a TelstraSuper member you can get general and simple personal financial advice on contribution strategies, investment options and beneficiaries over the phone as part of your membership.

Or if you want more comprehensive personal advice you can make an appointment with TelstraSuper Financial Planning. They have a range of advice options available for a competitive fee and the first appointment is complimentary.

Simply give us a call on 1300 033 166 or request a call back.

 

Related articles

Super for the suddenly single

Separation or divorce can be an extremely difficult time in anyone’s life. Put the emotional implications to one side, and there are the financial ones...

Is it time to step up your budget and manage your debt?

Feeling the pinch after a fun – but expensive! – festive season? We know the feeling, and we can help you get back on track in the new year...

What to expect when getting financial advice

Here’s what you can expect when you book a meeting with an Adviser...

5 things financial advisers wish you would stop doing with your super

We asked a team of financial advisers what the most common mistakes are so you can try to avoid them...

That's a RAP! Our steps towards reconciliation

Earlier this year, TelstraSuper launched our first Reconciliation Action Plan (RAP)...

Why a good Financial Adviser knows just how you tick

After 10 years of providing advice, Jeremy Lack from TelstraSuper Financial Planning knows that helping a client with a financial plan is about much more than just their finances...
Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or call us on 1300 033 166 for copies of these documents. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.