When should I seek financial advice?

No matter what stage of life you’re in, or whether you’re a beginner or an experienced investor, financial advice can help you make the most of what you have and achieve the retirement you deserve.

If you’re in your 50s or 60s, you’re probably starting to think seriously about retirement. Common goals at this time include working less and travelling more, paying off the last of your mortgage now that the kids have left home and of course getting a plan together for retirement so you can really start building up that nest egg.

How advice can help you get started

Professional financial advice at this time in your life can help you put a plan together to get yourself and your finances ready for when you retire.

A retirement plan can help you identify what lifestyle you want when you retire, how much income you need to sustain that lifestyle and how much you need in savings to generate that income. We then look at the different options available to help you reach your retirement goals. This might include:

  • Reducing and managing your debts to free up money for investing.
  • Growing your super and other retirement savings so you can afford to retire when you want to.
  • Putting contribution strategies in place that minimise the tax you pay and maximise your super.
  • Ensuring you have the right insurances in place so you, your family and your income are protected until you retire.
  • Making the most of difficult situations like redundancy.
  • Getting your work life balance right and/or transitioning to retirement.
It’s not set and forget

Keeping track of your plan is important because it’s how you know if you’re on track and if you need to do things differently. Even if you do everything in the plan, events or circumstances outside your control can affect your plan. Reviewing your plan annually with your Financial Planner will make sure you keep on track even if the world is changing around you.

You’ll also see new pieces of your plan come into place at different times leading up to retirement. For example, as you get closer to your planned retirement date, we’ll start exploring what products are best suited to hold your savings when you retire. We might also look at different ways to structure your finances and investments so you can maximise any government benefits that are available.

It’s not over when you retire – it’s just the beginning

That’s the truth for your retirement plan and life in general. Most people retiring today will spend over 20 years in retirement. That’s a long time to manage your money and ensure you continue to make the right financial decisions.

After you retire, there are ongoing decisions to be made around how much income you withdraw each year, how you invest your savings and whether your entitlement for the Age Pension has changed.

As you get further into your retirement you may also start planning for the later part of your retirement by looking at the aged care options available to you, what they cost and how you’ll pay for them.

We’re here to help

Take the first step towards the retirement you deserve today. Make an appointment to see a Financial Planner from EISS Super. Your first meeting is obligation free and is provided at no additional cost.

To make an appointment, call us on 1300 369 901 (and select option 2) or visit eisuper.com.au/appointment.