Retirement planning – Pre and post retirement, tax optimisation strategies

We all have visions about how we want to live in retirement. Whether it’s travelling around Australia or overseas, playing golf every day or spending more time with the grandkids, how do you save enough to pay for it all?

If you really want to retire your way, you need to start planning well before you make the decision to leave work. Often we find clients leave their planning too close to their departure from full time work, and without time on their side, the retirement options they have are much narrower.

To help you get started thinking about your own retirement planning right now, we ask some important questions below.


How much do you need to retire?

Lifestyle is a personal choice. The big question is: How much do you need to save while you’re working to pay your preferred retirement lifestyle?

A good starting point is to calculate how much you need to meet basic living costs. You could use your current expenses as a guide, but keep in mind that these may change quite a bit in retirement.


How much is enough?

If you want more than a basic lifestyle in retirement, you’ll need more than the age pension to live on. Your superannuation and non-superannuation savings will need to supplement the difference, and in some cases, fully fund your retirement.GM Wealth can work with you and provide detailed calculations for your specific situation.


Transitioning to retirement provides real opportunity

Using the transition to retirement rules, people approaching retirement can give their savings a boast by saving substantial amounts of tax. If you are aged 55 or older and still working, this strategy can be extremely lucrative and well worth exploring.


Planning your retirement with a GM Wealth Management adviser by your side can help you go forward with confidence. Personal advice will ensure you make the most of your individual situation and options.