Reaching retirement age is one of lifes special milestones. For decades you have put in the hard work and the thought of retirement is that of taking time out and enjoying life at a better pace. But will you be able to afford to do everything you want to do when it's time to retire? The secret to a happy retirement is forward planning!
When can I retire?
When referring to retirement age, we are actually talking about the age in which you will qualify for the Government Aged Pension. There is no restriction to retiring from work prior to this age however you will need to be able to afford to live without any access to your superannutaion, pension or government assistance.
Currently in Australia retirement age is 67 years old / or -
66.5 years, If you were born between 1 July 1955 to 31 Dec 1956
66 years, If you were born between 1 Jan 1954 to 30 June 1955
65.5 years, If you were born between 1 July 1952 to 31 Dec 1953
65 years, If you were born Prior to 1 July 1955
For many people the change from earning an income to suddenly needing to access money from Superannuation or Pensions can be a challenge, especially with such a complicated tax system.
With the life expectancy of people in Australia now exceeding 80 or even 90, ensuring you have enough money in your retirement is an integral part of financial planning.
How to plan for Retirement?
Watch this Retirement insights video
- Decide what lifestyle goals you would like, including travel, recreation and family
- Figure out your current value of assets (savings, home, investments)
- Will you qualify for an Aged Pension?
- Seek financial advice from a Certified Financial Planner to ensure you are utilising your income effectively.
Benchmark Consultants offers Perth clients Retirement Planning solutions. For your Retirement Planning needs in Perth contact Benchmark Consultants to speak to a Financial Planner. Your financial adviser can help you with all your Retirement advice. #Retire Perth, Western Australia
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