Enjoy your hard-earned retirement with some retirement planning
You’ve made it - after years of working hard, it’s time to retire. Get your retirement planning sorted now with expert assistance, preparing your will and/or trust, and reviewing your insurance.
Get sorted for tomorrow, today
When you’re retired, it’s likely you’ll be living on less income than before. Most people rely on two income sources at retirement:
- their New Zealand Superannuation
- their KiwiSaver.
Other sources of retirement income include employment (either full or part time), savings, and investments such as work superannuation, or investment income from property sale or rental.
To help maximise your retirement nest egg and ensure you’ve got enough to enjoy your ideal retirement lifestyle, you could boost your retirement savings. Starting now, increase the amount you put into your retirement savings scheme (like KiwiSaver) every pay day and watch your funds grow.
What you need to consider
Your lifestyle and health needs will change during retirement. In the more active early years, you may spend money on travel and new hobbies. Then as you get older, you may need to budget more for medical bills and aged care.
Make your savings last
To ensure your savings will fund your retirement lifestyle, it’s a great idea to have a budget. Work out what money you expect to receive, and how you expect to spend it.
Talking to an Adviser is a good way to plan your budget, thanks to their experience and insight.
Ensure your lasting financial legacy
There are two ways to help ensure your money goes where you want it to, once you’re no longer around:
- a will
- a family trust.
Preparing your will
Regardless of your age, you should have a will. It sets out how your money and assets, like property, should be dealt with after your death. Without a will, it can be difficult and expensive for your loved ones to deal with your financial legacy.
Setting up a family trust
A family trust can provide future benefits for your family, or protect family assets (especially if you own your own business). Family trusts can be costly and complicated to set up as well as maintain, so it’s important to seek specialist advice.
Review your insurance as your life changes
As you move into retirement, it’s a good time to review your insurance.
If the unexpected happens, it’s unlikely you’ll be able to replace your home, car or possessions without insurance cover. So make sure your insurance policies for your home, contents, car and any other assets you may have (such as a boat, classic cars or whatever else you enjoy) are up to date and reflect your current situation.
If you’ve got dependent family members, consider personal insurance options (like life insurance) to make sure they’re financially secure, even if you’re not around.
Meet your goals with the help of an Adviser
It’s a good idea to talk to an Adviser about your retirement savings plan. They’ll bring the right knowledge, expertise and guidance to help you plan for your retirement in the most effective and useful way. Your Adviser will be able to tailor a plan to your needs.