The decade from 50 to 60 is a time of great change for many. Some changes may be
welcomed, while others may be cumbersome. In any case, planning how to navigate this
era of freedom and opportunity remains important, but there is also uncertainty.

 

What sort of lifestyle?

With my kid’s school and college fees, mortgage payments, and work pressures, my
life was so busy that I had limited time to make choices. Between the ages of 50
and 60, it can be difficult to decide what you (and your partner) really want in the
next few decades.

 

How much do you need in retirement?

It depends on how you live. Setting a budget for your retirement is an important step in
reaching your retirement savings goals. Can you invest enough money for your entire
retirement plan that could last 20 or 30 years?

 

Are your investments suitable?

Now is the time to make sure your investment is working as well as possible. Review your
portfolio to see if it still contains the best assets.
If you have life insurance and income insurance, do you have the right level of coverage for
your current situation? There’s no point in paying premiums for insurance you don’t need,
but you can’t afford to buy insurance until you’re old enough to need it. Be careful when
cancelling.

 

Are you taking full advantage of superannuation?

Retirement savings are clearly the most tax-effective way to accumulate retirement funds
and provide retirement capital and income. Investing in a supermarket can make a big
difference in reaching your retirement goals, but there are a number of rules and
regulations you should be aware of.

 

Have you planned beyond your lifetime?

How is your family changing in your 60s? Grandchildren coming? Or you may have multiple
families after separation, divorce, and remarriage. Taking the time to think about how your
estate will be distributed after your death can save you a lot of heartaches left behind.
Please note that you may need to dispense separately, not partly, according to your will.
With all these considerations, the first step in updating your financial plan can be the most
difficult, but also the most rewarding.

A licensed counsellor can help you focus more confidently on the next phase of your life.