Retirement or ‘The Golden Years’ is an exciting milestone one reaches after many years of hard work. A time to take action on goals you have set such as taking a holiday (COVID-19 permitting) and living financially secure. Crest Financial Services believe you should be able to enjoy your retirement without the stress and worry of finances. This is especially true during uncertain times, where we have seen a mass increase in people seeking advice.
What is the Retirement Age in Australia? How do I know I can retire?
There is currently no set retirement age in Australia, leaving this decision completely up to you. The average, based on those who retired in the last five years, is 63 years with this to gradually increase to 67 years 2023. Whether you are entering or leaving the workforce, we recommend you engage with a financial adviser to help you prepare yourself with retirement planning. Advising when you could retire can take into account factors such as your personal health, financial situation and the preferences you have to increase your likelihood of living financially secure.
Benefits of Retirement Planning
The benefits of retirement planning are:
- Peace of Mind: Having some preparation especially about making decisions such as the age you wish to retire and how to navigate your finances to do this, and help give you confidence when transitioning into this life stage.
- Making Efficient Decisions related to Career and Finance: If you start your retirement planning early, it could help you in making more efficient decisions in relation to career and finances.
- Plan for Unforeseen Expenses: Realistically we cannot always know what the future holds, this is why there is the benefit of planning for unforeseen expenses such as medical bills or treatments.
- Tax Benefits: If your retirement plan is effective you could take advantage of tax benefits such as tax rebates and higher tax free thresholds.
- Maximise Government Benefits: There are varying of Government Benefits available such as Age Pension Commonwealth Senior Health Card and others. Your entitlements are based on factors such as age, income and assets, therefore it is worth structuring your assets to maximise any benefit.
Who can help me plan for retirement?
Crest Financial Services has a team of financial advisers, skilled and experienced in assisting clients’ transition in retirement. They would be happy to also help you in your journey toward a successful and secure retirement. Your financial adviser can help give you peace of mind and confidence in transitioning into retirement and answer questions you may have such as when you can access your Super. Book an appointment to get started on your retirement plan today!