Retirement Planning FAQs
Sam Wright retirement coach
Do I need a retirement plan?
Yes, it is essential to helping you have a happier life in your later years!
While the concept of retirement has rapidly evolved from how previous generations experienced it, essentially it all boils down to this. When you finally finish working, for one reason or another, you are confronted with new life challenges: what will you do with your ‘free’ time, without your work income how will you afford to live the life you want, or are accustomed to, and fulfil the aspirations you may have? Beneath this lies many further important considerations that determine how life after work pans out for you, such as: where will you live, how will you stay healthy while connected with friends and loved ones?
Today many of us are living longer (by as much as 20+ years), living healthier, and are wealthier than our predecessors, but not necessarily happier. There are multiple, substantial and emotional issues to confront at this critical point in your life. An actionable plan will help you prepare for these future challenges. Reset : Time Right can help you make a plan.
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Most of us will immediately think only of the financials. A budget for savings to fund future years of living, actions to maximise your superannuation balance etc.. Investment and income strategies with projections, to optimise earnings, manage exposure to various types of risks, and optimise taxation outcomes. Government benefit (pension) strategies to ensure you get what you are entitled to, amongst many other financial considerations. The plan should also encompass how all your assets and affairs will be protected, distributed and your intentions respected via estate planning. This stuff is complex and usually highly technical which requires the expertise of qualified financial advisers, accountants and estate lawyers.
Wait there’s more! Your plan needs to capture your goals in life, what do you want to accomplish in your next 10-20-30 years time? Then consider how you are going to achieve that, what steps will you take and when will you action them? These decisions can be deeply emotive, whilst some of them will be enabled by your financial position, these aspects are the ultimately the key drivers of your happiness. These areas are the focus of what Reset : Timed Right does. We believe setting your vision and goals is where you should start your plan.
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What’s in a retirement plan?
Reset : Timed Right retirement coach
When should I plan for my retirement?
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The earlier the better! Overwhelmingly the research says most retirees wish they had planned their retirement or for those that had plans, wished they’d planned it earlier. By planning earlier you can take considered and purposeful steps towards your goals and avoid or recover from unforeseen pitfalls along the way. Time can be your friend, not only will your investment returns compound but time will smooth out the highs and lows of of the various asset markets. Time allows you to make informed adjustments to your plan rather than having to make rash judgements in a crisis and time allows you to accumulate greater understanding about the options available to you in the future. With all of this said, it’s never too late to start planning. Remember retirement is a transition that takes time.
At Reset : Timed Right we’ll help you when you are ready, when the time is right for you. If you’ve retired and it’s not going quite right then we can also reset it on the right path for you.
How do I plan for my retirement?
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Get expert help! Odds are you can’t do it on your own, you’re time poor, possibly sandwiched by care demands, or simply not aware of all the nuances. Sure insights from the web, your super fund, and your other trusted sources will help but it’s highly likely that there are many alternative perspectives offered to you. Which recommendation and expert to go with? The one your friends recommend, the ones with track records, the most qualified or experienced? Kick the tyres and then go with the one that feels right for you.
Make a start, then take one step at a time. Work out what matters most to you and create a vision of what an ideal retirement looks like then go from there. Take your time, there’s no rush when you’re starting early.
At Reset : Timed Right we’ll help you when you are ready, when the time is right for you. We’ll start our focus on the areas that are of most concern to you. It’s your plan that you create, we just help you pull it all together.
Get expert help! Odds are you can’t do it on your own, you’re time poor, possibly sandwiched by care demands, or simply nont aware of all the nuances. Sure insights from the web, your super fund, and your other trusted sources will help but it’s highly likely that there are many alternative perspectives offered to you. It can all be overwhelming.
Work out what’s troubling you the most. Remember setting your vision and goals for retirement is the starting point for a good plan. There are plenty of Checklists out there to assess how you’re feeling about retirement. Check them out.
At Reset : Timed Right we’ll help you when the time is right for you. We’ll start our focus on the areas that are of most concern to you and work out your vision and goals for an ideal retirement. It’s your plan that you create, we just help you pull it all together.
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How do I start?
What does a retirement coach do?
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Retirement coaches come from all walks of life and most focus on the psychological aspects of retirement. They have different approaches and areas of specialisation, fundamentally they help people think about and prepare for the challenges of retirement. Their basis of accreditation and experience can be varied, all of which provides differing value to their clients needs. This article provides an independent perspective on the value a retirement coach can provide to prospective clients.
At Reset : Timed Right we’ll help you when the time is right for you. We’ll start our focus on the areas that are of most concern to you and work out your vision and goals for an ideal retirement. It’s your plan that you create, we just help you pull it all together.