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What is Retirement Financial Planning?

September 26, 2023
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5 mins


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Whether you’re excited to retire and live your ideal lifestyle or are hesitant to leave the comfort of your 9-5, you’ll feel much better after some retirement financial planning advice with the guidance of one of our retirement financial planners at Inovayt.

Whether you’ve planned your finances for retirement or if this is your first time, we’re here to help you understand the ins and outs of retirement financial planning and how it can best benefit you.

In this blog, we’ll explore retirement financial planning, what it involves and when you should ideally start preparing for retirement.

What does a retirement financial planner do?

Enlisting the help of a financial advisor for retirement is essential to achieve your desired retirement outcomes. At Inovayt, we specialise in retirement financial planning and helping you to achieve your dream retirement. Our brokers are trained to help you strategise for your ideal retirement and identify any roadblocks you may encounter. 

When do I need to start planning for retirement?

It’s never too early to start planning your retirement and thinking about the future. While there is no right or wrong answer to this question, the sooner you can start planning for your retirement, the better you’ll feel when the time eventually comes.

Financial advisors specialising in retirement planning have an intimate understanding of the intricate complexities that make up legislation and legislative changes surrounding retirement and pension in your state. They work with you to define your retirement goals and ensure you get the most out of your golden years.

What will my retirement financial planner do?

If you’re ready to start planning your retirement and enlist a retirement advisor, the Inovayt team is here to help. Here is how they can help you:

Complete a financial appraisal

Firstly, your retirement financial planner will complete a full audit of your finances. This initial discovery meeting is to help your finance professional understand your financial position and goals so they can tailor a custom plan for you.

In your initial meeting, you’ll likely need to provide information on the following:

This audit will also help to formulate answers to questions like:

  • How long retirement might last
  • What will it cost
  • How much will you need to fund it
  • How much will you need to save before retiring

Review your short and long-term goals

One of the most important things a financial planner will do with you is create and understand your financial goals in the long and short term. Your retirement plan will revolve around these financial goals, as these are established to help you work towards your dream retirement.

Your short- and long-term goals will vary depending on where you’re at in your financial journey and what you want your retirement to look like.

Understanding your ideal retirement

You may not have given much thought to your retirement (or you may have spent your days dreaming about sunbaking on your own personal yacht), but knowing how you want your retirement to look will help your financial planner frame your short and long-term goals.

Before determining these goals, you may want to consider the following:

  • Your living costs
  • If you want to keep your car
  • Your social life and recreation
  • Travel plans
  • Staying healthy and active
  • Volunteering or community participation
  • Planning for changing health or aged care
  • Supporting your family, children or grandchildren

If you plan on doing some travelling, you should consider:

  • Where do you want to travel
  • How often do you want to travel
  • How long do you want to travel for
  • The costs involved

The team at Inovayt know that planning for your retirement can be overwhelming. There are a lot of unknowns, and what you want now might not be what you want in a few years or even when you’re ready to retire. Retirement financial planning isn’t something you should set and forget, and our expert retirement financial planners know how to assist you with your ever-evolving plan for retirement.

Help build and diversify your portfolio

Many of us want a comfortable retirement where we’re not worried about money. Due to the increasing cost of living and changing financial climate, what’s defined as comfortable now is set to change. By working with an Inovayt retirement financial planner, you’re ensuring you’re set up for success.

To build wealth, our team can assist you with setting up an investment portfolio that works for you. Knowing where to start and what to invest in can be tricky. It’s also important to diversify your investment portfolio to minimise risk. Diversifying looks different to everyone, but getting guidance from an expert is important to ensure you aren’t putting yourself at risk. Some investments you can opt for include real estate, the stock market and cryptocurrency.

To learn more about investing, read our blog, Tips and Tricks for Getting Your Investment Portfolio Started.

Keep you on track

Lastly (but most importantly), investing in retirement financial planning means you have someone keeping you on track. Our team of expert retirement financial planners work with you initially to create a plan tailored to your financial situation. They continue to work with you and check in regularly to review your situation and alter your goals where required while covering key areas, including superannuation, investing, social security (age pension), aged care and your legacy.

It’s time to invest in your future with retirement financial planning

Regardless of where you’re at in your financial journey, it’s not too early to start planning for your retirement. By enlisting the help of an Inovayt retirement financial advisor, you’re ensuring there is no money left on the table. Many people choose to retire without consulting a financial advisor. While some may be able to retire comfortably without talking to a professional, there’s a chance that they are missing out on money they didn’t know they could access.

If you’re ready to invest in your future, saving for retirement and ensure you’ve got the best chance at your ideal retirement, get in touch with an Inovayt financial advisor today.

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