Firstly, retirement can mean different things to different people. Often we ‘retire’ something when it is old and past it’s used by date. However, these days retirement is the term for the beginning of live after work or business. Some people love working or running their business and they never want to ‘retire’, think of Bill Gates or Richard Branson – they probably have enough money to retire.
We all would like to work towards having financial freedom to give us the choice as to be able to do what we want to do. Whether it is holidaying around Australia, going on a European adventure, acquiring the holiday house or spending more time with the grand kids (or future grand kids) – each person is different.
Once your mortgage is paid off (or is close to being paid off), it is wise to revisit your financial strategy. There are many aspects worth reviewing such as where you build your wealth, inside superannuation or outside. In whose name or what structure should you invest. Is insurance still important? Should you look at making more contributions to your superannuation fund? And what kind of contributions should they be?
It is also important to constantly review your estate plans, including wills, beneficiaries and Powers of Attorney. As a minimum these should be reviewed when circumstances change. The more assets you have, the more there is to leave behind.
When you are accumulating wealth, it is just as important to review the optimal investment and taxation structure now and to also keep in mind what this will look like in 5-10 years time. You don’t want to make a decision now, which will have a detrimental impact at some stage in the future.
Contact us today to arrange an initial meeting to discuss how we might be able to assist you.
This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial planner and seek tax advice from a registered tax agent. Information is current at the date of issue and may change.