Footy is a bit like investment. If you don’t have a plan, you’re probably not going to win. So, how do you give yourself an edge? Number one, start young and plan for retirement.

You’re never too young to kick goals

There’s a lot happening in your life in your 30’s. It’s like the frantic first quarter. There’s your career and your mortgage and getting the kids to and from footy on the weekends. That means there never seems to be a lot of time to sit back and think about a retirement that seems so far away. But that’s exactly what you should be doing. Start by making a wish-list of the type of lifestyle you’d like to have when you stop working. Think about where you’d like to live and where you might be holidaying, then bring that wish-list with you when you meet with a financial adviser. Picturing your future is the first step to planning for it. By the way, if you’ve left this until the last quarter, in your 50’s and 60’s, don’t panic. At this age you’ve got a realistic view about when you’d like to retire, and what you can reasonably expect by way of an income in the years ahead. You just need a bit of expert coaching to make sure you structure your investment plans for maximum benefit.

Buddy Franklin will retire at 36. How about you?

Okay, so we all can’t be like Buddy. But if you plan for retirement early enough, you can think about retiring while you’re still on top of your game. By planning now you’ll know how your financial position is going to impact the age you retire. You’ll also be able to think about two really important things – the age when you can access your super benefits, and the age when you can access the age pension.

Don’t wait until time-on

You don’t have to wait until the day you hang up your boots to get income from your super. In the retirement phase, you may choose to have your super fund pay you an income stream that is exempt from tax. To qualify for this type of pension, your super must meet minimum requirements. If you’d rather transition to a retirement pension, you may be able to begin receiving an income from your super before you officially retire, called a pre-retirement pension. This can be handy if you want to reduce your working hours and supplement your income with your super.

Getting ahead on the scoreboard

For the sake of long-term planning, often your adviser will suggest that you invest some of your money into shares and property – assets that can grow over time, help you keep pace with inflation, and provide an income stream.

Team up with the best people

Giving up work may not be as difficult as you imagine, when the days and years are yours to fill with friends, family and going to the footy. But, to get the most out of your retirement financially, you need to start a plan for retirement now.
At Elston, we can work with you to tailor a retirement plan to your circumstances and requirements, professionally and expertly from the start.

If you would like more information please call 1300 ELSTON, contact us or email info@elston.com.au and an adviser will be in touch.
EP Financial Services Pty Ltd (Elston) ABN 52 130 772 495 AFSL 325252