How do you envision your ideal retirement? Perhaps it involves globe-trotting, cherishing moments with your grandchildren, or pursuing a hobby you’re passionate about. If you’re thinking about retirement, you might be making progress toward a sound financial future, or there may be additional measures you need to take. The following are some essential steps you can take to set yourself on the path to success.
Understanding your preservation age
While it’s entirely up to you when you finish working, you typically won’t be able to access your super until you hit ‘preservation age’ – which may impact when you choose to retire. Your preservation age depends on when you were born:
- If you were born before 1 July 1960, your preservation age is 55.
- If you were born between 1 July 1960 and 30 June 1961, your preservation age is 56.
- If you were born between 1 July 1961 and 30 June 1962, your preservation age is 57.
- If you were born between 1 July 1962 and 30 June 1963, your preservation age is 58.
- If you were born between 1 July 1963 and 30 June 1964, your preservation age is 59.
- If you were born on or after 1 July 1964, your preservation age is 60.
Calculating how much money you’ll need
Understanding how much money you’ll need is an all-important step when thinking about retirement. This number differs for everyone, but what does it look like for you? The Vision Super retirement income calculator can help you work out if you need to boost your super savings to achieve your dream retirement.
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Get expert advice
Planning for the financial aspects of retirement can be complex. There’s no hard and fast rule, as everyone’s lifestyle, situation, and finances are different. That’s where expert advice can help.
The Vision Super financial planners can help you to start planning for your retirement and make the best possible decisions based on your situation. Get advice on:
- Setting goals: How do you picture your retirement?
- Facing facts: How realistic are your goals and will you have enough money to reach them?
- Building a plan: How will you get from where you are to where you want to be?
- Taking action: What do you need to do to implement your plan?
- Staying on track: Are you getting closer to achieving your goals?
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Depending on the nature and extent of the advice provided to you, advice fees may apply – but we’ll always discuss this with you before starting work.