We all need money, it makes the world go around, or so the saying goes. We toil for 4-5 decades, struggling to make the payments that give us our standard of living, then we retire and our income suddenly vanishes and we rely on our super to support our retirement. This is not exactly enough to do all the things you should enjoy in your golden years and in this article, with the expertise of Future Wealth Group, we look at ways that you can attain financial security to enjoy your retirement years.
Create a wealth generation plan
If you want professional help in creating a wealth generation plan, contact Future Wealth Group, Sydney’s leading financial advisors who help many Australians achieve their financial goals. Retirement planning is an individual thing; what works for one person might not be suitable for another and with a financial specialist, you can tailor the plan to suit your lifestyle.
Defining your retirement goals
Some are optimistic and see themselves retiring at 50 and why not indeed? Everything is possible if you set goals and create a plan. You will need to crunch the numbers to find out precisely how much you will need to retire at your preferred age, and then you have something to aim for. Of course, you have to take inflation into account and there is obviously speculation involved. With a professional financial planner from Future Wealth Group in your corner, this is not an issue. Of course, we all have different lifestyles and what might be adequate for one couple, might not be enough for another.
Protecting your wealth
As your estate grows, it needs a level of protection, which is another service offered by a leading financial advisor. You can move forward with some confidence, knowing that the wealth you are accumulating is protected.
When to start planning for your retirement?
The simple answer is as soon as you are able; many 30-year-olds are already working on a wealth generation plan. If you are in your late 30s and have never really thought about retirement, now is the right time to schedule an appointment with a financial planner from Future Wealth Group. The initial discussion would give the financial expert the information they need to formulate a plan and from that time, you are generating wealth.
Debt management
Sadly, many Australians are in debt to the point where it causes stress and anxiety; make an appointment with a financial advisor who can help you plan your way out of debt. Debt consolidation is a speciality of most financial advisors and this involves taking out a single loan to pay off all debts, leaving you with a single affordable monthly payment.
Real estate investment
This is a very effective way to generate wealth; the rental property market is active and the right investments can lead to financial security. Why stop at one rental? Use a good property management company and you can expand your business; indeed, quite a few Aussie millionaires began with rental properties. It is a smart way to make your money work for you when you buy rental real estate; your tenants pay the mortgage, what could be better? Click here for information on investment apps that can help you manage your wealth.
Managing your super contributions
We all have control over our superannuation and with the help of a financial planner, you can manage your contributions. It is never too early to start planning for your retirement and with the help of a leading Sydney-based financial advisor, things become much clearer and you can put things in place to ensure financial security in your later years.
Aged care planning
Once you reach the age of 60, you should be looking at aged care costs and planning for the time when you do need assistance with day-to-day things. You might feel it is pessimistic to think about the time when you require assistance, but it is something we cannot escape, and making plans now can only be a good thing.
Setting up trusts
This is an excellent way to manage your estate. A trust could be one effective way to minimize tax liabilities; of course, each person is unique in terms of their wealth. Sitting down with a financial expert from Future Wealth Group would lead to solutions; most advisors are happy to share an informal Zoom call with a potential client, which can lead to a plan being created.
To conclude
It is never too early to start planning for your retirement, and with some professional assistance, you can set out a realistic plan that ensures you and your partner enjoy financial security.
It is not wise to simply assume that you will be in a secure position upon retirement, rather you should plan accordingly.
