Good to Great: How to Scale With an Outsourced CFO

A successful retirement plan doesn’t happen by accident. Just as physically healthy people can trace their success to good eating and exercise, people who retire in a healthy financial situation can attribute their success to a strategic retirement plan that has been diligently followed. 

In this blog post, we’ll look at five pillars of successful retirement planning. Whether you’re a young adult getting on the financial front foot, or at the later stages of your career, you can use these principles to improve your financial wellbeing and set yourself up for a brighter and more comfortable future.

 

1. Setting Goals

It’s difficult to make progress toward a successful retirement without actionable goals. A solid retirement plan will include both long- and short-term goals, which are customised for your unique situation, including work and family considerations. Take a look at the following example goals: 

• Pay off mortgage
• Eliminate debt
• Salary sacrifice 10% to increase retirement savings
• Create a will
• Create a succession plan for your business 

These are just a few of the goals that may help you to retire successfully. As you speak with your wealth adviser, you can create goals that are suited to your situation and experience a sense of peace and security as you secure your financial future.

 

2. Documenting a Plan

Documenting a detailed retirement plan is one of the most important processes you’ll undertake. As you create your plan with the help of your adviser, think about the following questions: 

• What do you hope to achieve with your retirement planning?
• What kind of lifestyle do you want to live during your retirement years?
• What kinds of health concerns do you need to plan for?
• Do you have any dependents you need to care for during your retirement years?
• What kinds of assets do you have?
• If you own a business, who will run it after you retire? 

By documenting your plan, you’ll be able to return to it on a regular basis and make adjustments as necessary. An annual review with your wealth adviser will help you to stay on track, and a record of your financial goals will help you navigate your journey to retirement.

 

 

3. Taking Action

With a documented plan in place, you’re ready to take action. Some of the first steps in your retirement will be simple and straightforward. For example, if you’ve decided to increase your monthly retirement contributions, you may just need to meet with your Human Resources representative to arrange for salary sacrificing. 

Other actions may be a bit more time-consuming and complicated. For example, if one of your goals is to create a succession plan for your business, you might want to consider hiring some outside help in order to achieve your goals.

 

4. Protecting Your Assets

Retirement planning isn’t just about accumulating wealth for the future; it’s also about protecting your assets. Asset protection can take many forms, including the following:

• Insurance
• Tax reduction strategies
• Trusts
• Wills
• Income protection
• Business structure
• Superannuation

Speak with your wealth adviser about steps you can take to protect your assets, both now and into the future. You might be surprised at how many ways you can solidify your assets and protect them from various threats, ranging from this year’s taxes to family conflict during estate planning.

 

5. Using an Adviser

Whether you’re just beginning your career or you’re counting the years to retirement, you can benefit from the services of a qualified wealth adviser. While there are treasure troves of information on the internet for DIY retirement planners, it can be immeasurably helpful to have an experienced adviser guiding you through your retirement planning process and helping you to achieve your goals. 

Using a retirement planning adviser has several benefits, including: 

• An adviser can help you to plan more effectively.
• An adviser stays up-to-date on tax and regulatory changes.
• An adviser can help you stay focused on the long term and your goals.
• An Adviser helps you filter out the noise and cut through the information to make it work for your goals.
• Advisers make the complex simple.
• An adviser stands between you and emotional decisions.
• An adviser can help to create a customised, comprehensive roadmap for your retirement. 

To learn more about successful retirement planning, or to speak with one of our wealth advisers, get in touch with us at Altus. We look forward to helping you make the most of your retirement.