Are you retirement ready? Smart financial planning for your next chapter.

Are you retirement ready? Smart financial planning for your next chapter.

Retirement is more than just a milestone—it’s a new beginning. Whether you envision relaxing on the golf course, traveling in a motorhome, or spending more time with family, achieving your ideal retirement lifestyle starts with strategic financial planning.

Here’s what you need to consider ensuring you’re retirement ready.

When do you plan to retire?

Your retirement timeline depends on several personal and financial factors, including:

• Your desired retirement lifestyle
• Superannuation and investment balances
• Government support eligibility
• Your health and relationship status
• Whether you aim to be debt-free before retiring

Creating a retirement budget is a practical first step. Factor in essentials like housing and healthcare, but don’t forget lifestyle expenses such as travel, hobbies, and gifts. This will help you estimate how much you’ll need to retire comfortably.

Maximising your Superannuation

In Australia, you can access your superannuation from age 55 (depending on your birth year). To make the most of your super:

• Salary sacrifice: Contribute pre-tax income to your super at a lower tax rate (15%).
• Personal contributions: Boost your super with after-tax income and potentially claim tax deductions.
• Know your contribution caps: Exceeding limits can lead to extra tax. Check the latest caps on the ATO website.

If market volatility has impacted your super or investments, consider speaking with a financial adviser to review your strategy and protect your retirement savings.

Government support in retirement

You may be eligible for a range of government benefits, including:

• The Age Pension
• Concession cards
• Healthcare subsidies
• Tax offsets
• Low-cost banking options

Your age, income, and assets will determine your eligibility. Speak with us for personalised guidance.

Managing debt before retirement

Research shows that many Australians still carry mortgage debt into retirement. Ideally, aim to retire debt-free to reduce financial stress.

If you’re still repaying a mortgage, credit card, or personal loan:

• Consider refinancing to lower your repayments
• Explore downsizing to free up equity
• Create a debt-reduction plan while you’re still earning

Need help reviewing your mortgage? Our team can help you explore your options.

Financing your retirement goals

Sometimes, achieving your retirement vision requires additional funding—whether it’s for home renovations, relocation, or starting fresh after a life change.

If you're over 60, traditional lenders may be less flexible. One option to consider is a reverse mortgage, which allows you to borrow against the equity in your home. However, this comes with risks, so it’s essential to seek professional financial advice before proceeding.

Start planning today

With the right financial planning, retirement can be a fulfilling and stress-free chapter of life. Whether you need help with superannuation strategies, debt reduction, or retirement finance options, FinancePath is here to support you every step of the way.

Contact us today to review your mortgage, explore refinancing, or discuss how to fund your retirement goals.