Wealth Connexion explores some of the common mistakes to avoid when planning your retirement.
Undertaking retirement planning can be a stressful experience that often results in mistakes that have disadvantageous outcomes. Luckily, most of these mistakes are avoidable with proper advice and guidance from an experienced financial planner in Brisbane.
Continue reading to find out what some of these common mistakes are and how you can avoid them when planning your retirement.
Not understanding your government entitlements
If you are over 67 years of age, you will likely be eligible for a full-time or part-time age pension. However, it is also important that you are aware of and utilise the other benefits that you may be eligible for, such as seniors cards, to ensure that you are maximising your pension entitlements.
The Queensland Government has implemented a seniors card, and there is also the Commonwealth Seniors Health Card for those who have reached their age pension eligibility as well as met a number of additional criteria. This card will give you access to cheaper medicines, bulk-billed doctor visits and larger Medicare rebates.
If you’re unsure of your entitlements, it can be beneficial to talk to a financial expert at Wealth Connexion.
Not knowing your living costs
When you are transitioning from a regular, full-time income, you may not have previously kept track of your living costs. This may pose issues when determining whether your pension payments will support your existing lifestyle expenses. In addition to this, it is important to factor in your healthcare costs. While it is hard to predict what the future may hold, it is important to ensure that you have a plan in place to be able to fund any future health issues you may encounter.
Ultimately, making sure that you are on top of your living expenses will allow for a smoother transition into retirement. Contact a financial planner in Brisbane to help you to calculate your living costs.
Not considering the impact of inflation
While you may be on top of your living expenses at present, it is also important to consider the impact that inflation will have on these expenses. Not taking inflation into account is one of the most common mistakes a retiree can make, it and can have detrimental effects on your retirement plan.
One solution to this is to set up strong investment return strategies early in order to keep up with the demands of inflation.
Not consulting professionals
Ultimately, if you want to ensure that you are properly set up for retirement, it is essential that you contact a financial adviser to help steer you in the right direction. Financial planners can assist you in navigating the complexities of superannuation and investments, as well as develop a comprehensive retirement plan to ensure that all of your needs will be met and mistakes will be avoided.
Consult with a Trusted Financial Planner in Brisbane Today!
If you are transitioning to retirement and are unsure where to start or how to plan for it, contact us at Wealth Connexion today to speak to a financial planner in Brisbane!
