Retirement planning the week before you finish work is a bit like packing for Europe at the airport gate. Technically possible, but not ideal.
The final working years are powerful
The last 5 to 10 years before retirement can be a valuable window. You may still have income, the ability to contribute to super, time to reduce debt, and enough runway to adjust investments, insurance, and cash flow before the paycheque stops.
Many retirees wish they had acted sooner
TAL’s whitepaper included reflections from retirees who wished they had put more into super, salary sacrificed earlier, or spoken to a retirement financial planner expert before retiring. Those comments are not dramatic. They are practical. Small decisions made earlier can have a meaningful effect later.
Retirement can arrive earlier than planned
Not everyone retires on their chosen date. Health issues, redundancy, caring responsibilities, or workplace changes can bring retirement forward. TAL’s research noted that some retirees left work earlier than expected due to redundancy, sickness, or unemployment. Planning early gives you more options if life changes the schedule.
You need time to test the budget
Before retiring, try living on your expected retirement income for a few months. It is a simple reality check. You may discover the plan works beautifully. You may also discover that takeaway coffees have formed a small private army.
Final thought
Retirement planning is easier while you still have choices. Start before the farewell cake. Review your super, debt, income needs, insurance, estate planning, and likely Age Pension position while there is still time to adjust.
If you are starting to think about retirement and want clearer answers before making big decisions, a short conversation can help you see what options are worth exploring. Why not have a chat to our friendly team? Book a time: https://partnersinplanningaus.setmore.com/book or give us a call on 1300 880 100.