If you are already retired, then you probably have 3 key financial concerns on your mind:
Having sufficient income
How safe are your investments
And will your money live as long as you
These three concerns should be the 3 pillars upon which any financial plan for retirement is built. It is quite different to any other financial plan.
Like any financial plan, starting with a well built, robust strategy is a smart way to go. Developing a strategy that achieves:
The right amount of regular income
Surety of income
Protection of any wealth you have already created - regardless of how little or how much
Some opportunity for capital growth to, at least, protect your money against inflation vultures
Access to lump sum cash in the event you need it at any time
Maximising your Age Pension benefits
Once you know your strategy, then you can choose the right products that will support your strategy. These products may include superannuation, different income streams, cash, and/ or ordinary money investments.
Many people make the mistake of deciding on their strategy based on what their current super fund can offer. This approach really does hamstring you because even the best super funds can only provide for a couple of alternate strategies. This means that you are closing yourself to all of the other alternative strategies and more than likely putting your hard earned at more risk.
To have a chat about the ideas you have for your retirement plan, or to see what ideas we can come up with, message us here.
Financial Planning Qld is a financial planning firm based in Brisbane, Queensland. We offer a full range of financial planning services and our advice is always underpinned by our Corporate Values. Click here to read more!