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Retirement can seem like a distant dream for many Australians, but when the reality of retirement draws near, some are left unprepared. Mike Sikar of Delta Financial Group says it’s never too late to start planning for retirement, especially with rising costs of living, inflation, and economic uncertainty in 2023.
Whether someone is in their 40s, 50s, or even 60s, it is important to start thinking about their life after they finish working and to begin creating a plan for their ideal retirement lifestyle.
While the average Australian retirement age is 55.4 years old, there is no compulsory retirement age in Australia, and many people choose to work well into their 60s and beyond.
According to research by the National Seniors website, ongoing goal setting and planning for retirement can contribute to well-being before and during retirement, no matter what someone’s age. Even for those who feel like they are behind in their retirement planning, there are always ways to catch up, such as making extra contributions to super.
Taking advantage of retirement programs
Delta Financial Group is an Australian financial advisory firm that specialises in providing retirement planning and investment services to baby boomers. The firm’s website lists retirement planning as one of its primary services and offers various strategies to help clients retire earlier than they otherwise could.
Delta Financial Group recommends structuring superannuation effectively, managing investments proactively, and getting expert financial planning advice with a personal touch. The firm also provides cash-flow management services to help clients manage their finances better and make adjustments regularly to get ahead sooner.
Additionally, Delta Financial Group recommends seeking advice from a financial adviser to recommend a portfolio that best fits a client’s income, capital, and longevity needs. Overall, Delta Financial Group’s approach to retirement planning emphasises creating an income for life and maximising superannuation savings while still maintaining a comfortable lifestyle.
A financial advisor can keep the plan on track
For those who have already started planning for retirement, a financial advisor can offer ongoing support and ensure they stay on track with their retirement plans. Regular monitoring can help identify any potential changes or roadblocks and provide opportunities to make adjustments, ensuring that clients are still gearing toward their goals. Financial advisors can also provide valuable insights into market trends and financial products, keeping clients informed and updated with the latest information.
The best investment for retirement
According to Sikar, retirement does not have to be a source of fear or frustration. Instead, with the help of a financial advisor, it can be a time of joy and fulfillment. A financial advisor can help retirees make the most of their hard-earned savings by structuring their retirement income to suit their lifestyles and expenses. They can also help retirees manage the impact of inflation and taxes on their retirement income. In conclusion, Sikar believes that working with a financial advisor is one of the best investments individuals can make for retirement.
It’s almost never too late
The ideal scenario is still planning for retirement as early as possible, but Sikar said that even for people in their 50s, it’s never too late. People can still do a lot in 10 years or even 5 years, but the later a person prepares for retirement, the more that expert help is needed. Delta Financial Group specialises in retirement planning for Australians in this specific age group.
Planning for retirement is a prudent financial decision that lays the groundwork for a stable and secure future. Taking the time to develop a comprehensive retirement plan enables individuals to ensure they have the necessary resources to maintain their desired lifestyle during their golden years. Retirement planning allows individuals to delve into various investment options, diversify their financial portfolios, and make informed decisions about superannuation and pension options—all crucial elements for long-term financial security.
Alongside its financial benefits, retirement planning offers the invaluable gift of peace of mind. Equipped with a well-thought-out plan, individuals can confidently embark on their retirement journey, knowing they possess the financial support needed to cover their needs and wants. This sense of security empowers retirees to concentrate on what matters most to them, whether it’s spending time with loved ones, pursuing hobbies, or engaging in meaningful activities. Ultimately, retirement planning facilitates a worry-free and fulfilling retirement, free from the weight of financial stress.