transition-to-retirement

3 Financial Tips to Transition to Retirement

In Financial Planning Tips by Inunison

Know Your Assets

Managing your finances can be a daunting task at any stage of life. However, as you approach your retirement boosting your savings becomes more of a necessity.
If you start planning your retirement early the more option, you will have. The retirement dream you have always wanted has a better chance of being achieved. It’s never too early to start.
Don’t panic, if you feel you have left your retirement plans to the last minute, you can still make a difference by starting today rather than not at all.Let us help you find the way to creating your path to retirement.

When to Retire

Once retired it can be difficult to get your momentum going and get back into the work force if you need to. You need to stress test your retirement income plan to make sure it holds up under less than ideal conditions. Some questions to consider:

  • If I’m not yet 65, how am I going to pay for health insurance coverage?
  • If my savings and investments earn a lower return, can I cut back expenses?
  • Am I willing to downsize at some point in the future?
  • What will I be doing with my time? Will it be costing me money (travel, hobbies) or saving me money (I can now do my own repairs, cook at home).
Seek Advice

In this stage of your life it is vital that you get the right advice from the right adviser. There are more working years behind you than there are in front of you, so if you need to make any adjustments to your super now is the time to do it.