Retirement Planning: Securing Your Future and Living Your Dreams
By Jenny Brown, CEO and Founder.
Do you have a clear plan for your retirement? It’s not just about deciding when to retire; it’s about envisioning what you want to do when you transition from full-time work. In this article, Jenny Brown, CEO & Founder of JBS Financial, emphasises the importance of knowing your financial freedom number and designing a plan that aligns with your retirement dreams. Whether it’s spending more time in the garden, taking that dream holiday, or enjoying more time with family and friends, having a plan in place is essential to ensure your savings and investments align with your goals.
Understanding Your Retirement Goals:
When it comes to retirement, it’s crucial to identify what you want to do when you have more free time. Is it spending quality time with grandchildren, pursuing artistic passions, embarking on exciting travel adventures, or a combination of activities? By determining what truly matters to you, you can prioritise your savings and investments accordingly. Jenny emphasises the importance of starting this reflection process as early as possible to enable the creation of a tailored plan that works for you.
Calculating Your Retirement Income Needs:
Once you have a clear vision of your retirement goals, it’s essential to assess the financial resources required to accomplish them. Many individuals assume they will need less money in retirement than during their working years. However, the reality often differs, especially during the initial years of retirement when individuals tend to pursue their bucket list items. Separating living expenses from discretionary expenses, such as travel and other dreams, ensures that you have a comprehensive understanding of your financial needs and can plan accordingly.
Developing Your Retirement Plan:
The next step is to work closely with a financial adviser to determine the lump sum you’ll need at retirement to generate both your essential living income and additional funds for your bucket list activities. It’s important to start this planning process early to allow sufficient time to reach your financial freedom number. Your adviser will help you determine the appropriate investment strategy based on your risk tolerance and long-term goals. They will also guide you on whether to invest within or outside of superannuation, depending on your specific circumstances.
Taking Action and Monitoring Progress:
Putting your retirement plan into action is crucial, but it doesn’t end there. Regular check-ins with your financial adviser are essential to ensure you stay on track towards achieving your goals. Retirement is just the beginning of a new phase in life that can last for several decades. It’s important to remember that even in retirement, you continue to invest for your future financial security.
Finally, having a well-defined plan for your retirement is vital to living the life you envision. Take the time to assess your retirement goals, calculate your financial needs, and work with a trusted adviser to create a personalised plan that aligns with your aspirations. Regularly reviewing and adjusting your plan will help you stay on track and ensure that you can actively embrace the lifestyle you desire. Start today and secure your future financial success.
Reach out to the JBS Financial team to start the conversation about your retirement plan here.