We will work with you to make GREAT things happen


Home >  Blog >  10 years to retirement checklist

10 years to retirement checklist

Posted by Mark Attard on 13 September 2016
10 years to retirement checklist

A checklist for the unprepared.

We spoke to financial planner Stuart Skidmore from Saracens about preparing for retirement. Check out his seven key questions and considerations for everybody who has retirement on their mind. 


By Stuart Skidmore

Understand that time is your enemy. 10 years equals 120 months. If you are paid monthly and have 10 years before retirement, you will be paid 120 more times so what are you going to do now to achieve what you would like to achieve in your 'preferred retirement'?

The majority of people require a motivator to take action and in relation to retirement, when you understand that time is your enemy and the window of time to save for your eventual 'preferred retirement' is shrinking you are more likely to get yourself organised out of fear of not having enough money in retirement.

When considering your 'preferred retirement' you need to understand where you are today to begin to build 'preferred retirement'.

Below are some key defining areas for someone who is beginning to plan for their 'preferred retirement' and not just a 'retirement'.

1. Define what retirement means for you
o Fully retired or part-retired and working part-time
o Preferred income in retirement
o Ad-hoc expenditure requirements i.e. new car, annual holiday
o Debt free, some debt.

2. Define what age you are willing to consider 'retirement' 
o Time frame to save for your 'preferred retirement'
o Is this enough time to achieve your preferred retirement
o Is there a Plan B strategy with regards to when you retire

3. Prepare a financial plan/strategy and stick to it to achieve your preferred retirement
o Understand where your finances are today
o Understand the gap in net wealth you require to fund your retirement
o Understand what level of net wealth you need to achieve your preferred retirement
o Define, understand and review regularly your strategy to ensure you are achieving the required outcomes for your lead up to retirement

4. Define how you are going to fund your retirement
o Centrelink (Aged Pension)
o Investment property rental income
o Superannuation
o Australian equity portfolio dividends
o Managed fund income distributions
o Part-time/casual work

5. Define your 'Risk management' strategy today to manage the downside risk of death, sickness or injury to your retirement
o What strategy is in place to protect you or your partner's retirement in the event of death, sickness or injury
o What strategy is in place to protect you or your family's current lifestyle today

6. Understand the lifespan of the average male is 81 and average female is 83.
o Manage your longevity risk i.e. how long will your assets last in retirement 

7. Estate planning organised in line with your wishes
o Prepare Wills, Power of Attorneys (medical/financial)

For more check out our free smart retirement eBook and retirement calculator.

Mark AttardAuthor:Mark Attard
About: With more than 15-years experience in the finance and property industry, now it’s time to grow our business even further. So that we can help you - no matter what stage of life you’re at or where in Australia you live.
Connect via:LinkedIn
Tags:Financial planningSuccessRetirementBuilding WealthReducing Debt