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Retirement

retirement advice

Our job at Balance Financial Solutions is to give you peace of mind that you will be able to live comfortably in retirement.

We do this by getting to understand all about your needs and your lifestyle and what's important to you

Your job is to think about what it is going to cost you to live the lifestyle you want to live as well as what planned expenditure you are considering.

For example:

  • You may want to replace your car in 2 years and will need to spend about $25,000 to change over.

Or you might plan to do 2 big trips once you retire.

  • The first, a trip around Australia in 1 year's time that will cost about $15,000.
  • Secondly, a trip to the UK in 3 years time that will cost $30,000.

Retirement, How Much Do I Need?

retirement financesYou may be approaching the retirement age, or perhaps retirement is still quite some time away. Either way you will need to prepare for your transition to retirement. Pension questions are common, such as...

  • How much is the old age pension?
  • How do pension payments work?
  • Will I qualify for a government pension?
  • What other sources of retirement funds will I have?
  • How much retirement funds are needed?
  • How much superannuation will I have?
  • What about other retirement finances?
  • Plus a myriad of other questions about retirement advice...

Of course, you may not need a pension as you aim to be self funded. You will probably still look for the best advice regarding your retirement finances. 

The Balance Financial Process

retirement how much do i needWhat we need to do is sit down with you:

  • And ask lots of questions about your current financial situation, your lifestyle, your preferences and priorities, needs and objectives
  • Then we go away and analyse what is needed and all the different alternative strategies and commence to identify the likely investments that will achieve your objectives
  • After presenting you with the alternative strategies and concepts and gaining your approval (or any changes required), we will then prepare a written statement of advice (SOA) which demonstrates exactly how we plan to provide the lifestyle in retirement that you have selected
  • Once the financial plan has been implemented, we need to provide ongoing support by conducting annual reviews which may be more frequent if required, to ensure that the plan is working for you.

Retirement Homes?

retirement homes sydneyWhilst many people don't need to consider the option of living in a retirement village at the start of their retirement it is wise to prepare for this possibility. Many commentators talk about a retirement demographic crisis, where demand outstrips supply for retirement living. Sydney already has a housing shortage so there is much wisdom in at least being armed with good information before you need to look at nursing homes, hostels or retirement villages. Sydney has many different retirement options to choose from.

Some common questions revolve around...

  • When is the right time to make a move into retirement villages?
  • Will I own my villa in a retirement village?
  • Will I have access to a low care or high care residential facility if need be?
  • What sort of ownership rights will I have?
  • How do people secure or purchase a unit, apartment or villa?
  • What if I change my mind after I move in?

Balance Financial Solutions has a team of experts in providing Aged Care Financial Advice and have helped many thousands of people through this process. Every person has a different scenario and different requirements, its always a pleasure to help people navigate this.

Contact us at Balance Financial Solutions

You don't need to navigate this alone!

Call us to book an appointment on (02) 8814-7307 with one of our specialists or Contact Us here.


 
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