Are you on track to enjoy your retirement?

For many people, the decision around when to retire can be one of the most exciting, yet daunting, times of their lives.

There are a number of strategies you can employ now, whatever your age, that may help you fulfil your retirement dreams.

When should I retire?

Unfortunately, there is no easy answer, as the path to retirement is different for each individual.

Do you retire early, so that you can enjoy all the hard work that you’ve put in, while still in good health?

Or by retiring too early do you risk running out of money and things to do with your time?

While the fast-track to retirement is appealing, you have less time to build your retirement savings and may not have immediate access to the age pension and other social security benefits.

Do you keep working until you are 70? This gives you fewer years to live out your retirement dreams, but allows more time to build your retirement savings, bringing you closer to accessing the age pension and other benefits you may be entitled to.

Whatever age you decide is your magic number, here are a few strategies you can consider to help your retirement dreams become a reality.

Start planning early

Don’t fall into the trap of working flat-out during your life and then just stop working.

Start thinking now about how you want your retirement to look.

what do you most love doing? What are you passionate about?

Do you see yourself working part-time, or volunteering for a cause that you are passionate about?

Would you like to start a study program?

You should also think about how you would like to spend your leisure time – are you looking forward to travel, devoting more time to your family and grandchildren, or perhaps learning a new language or skill?

Thinking about how you will keep yourself busy and engaged will help you create a clear retirement plan.

How much income?

Now is the time to work out how much income you will need to fund your retirement plans. Look at what you spend now in a year, and increase that number by 10%, to give you a starting point for your retirement.

Many retirees believe that they will actually spend less when they retire, when the opposite is often true.

Generally spending will increase when you first retire and have the time to go out and spend your hard-earned money and set up your lifestyle.

It may slow down a bit after the initial excitement wears off, then it can increase due to more health-related expenses.

A qualified financial adviser can help you work out how much income you need to enjoy this next stage of your life.

Build your savings.

Once you have worked out the income you will need, you should look at how much you will need to save before you actually retire.

It’s here that a qualified financial adviser can determine what changes (if any) would be needed to align your current portfolio, based on your risk profile and desired retirement age.

Get financial advice.

Whatever your financial situation or age, a qualified financial adviser can help you design a financial plan that will help make the most of what you have, when you decide to retire.

An adviser can support you get from where you are today to where you want to be. They will sit alongside you on your retirement journey providing you with the discipline to stick with your plan.

Please contact us to arrange a suitable time 02 4709 6741 or

Alternatively, you can book an appointment directly.




*Matthew McCabe is an Authorised Representative of RI Advice Group Pty Limited (ABN 23 001 774 125), AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information please contact our office to opt out.