Retirement Planning Sydney

SAVING FOR YOUR FUTURE

A perfect mix of cosmopolitan lifestyle, breathtaking nature and convenient access to essential needs makes retiring in Sydney a dream for many. But, retiring in a city with the highest cost of living in the country means one needs substantial savings for a comfortable retirement.

A retirement planner in Sydney can help not just with superannuation planning but also with maximising your investment returns to ensure your golden years are financially secured.

What is a retirement planner?

A retirement planner is a financial professional who specialises in guiding people towards a secure financial future after they stop working. They help people create a roadmap to a comfortable and fulfilling retirement.

A retirement planner's role encompasses giving investment advice based on your current financial landscape. They assess your income, expenses, assets, and liabilities, and with this information, they help you envision your ideal retirement lifestyle and translate those dreams into concrete financial goals.

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What can a retirement planner in Sydney do for me?

According to the latest Association of Superannuation Funds of Australia's (ASFA) Retirement Standard, you need:

$632.98 per week if you’re single and want a modest lifestyle; $992.88 if you prefer a comfortable retirement
$911.28 per week for a modest lifestyle if you’re a couple and $1,397.36 for a comfortable one

These numbers assume you have your own house and are relatively healthy. They also do not factor in the cost of living for each area.

Today, a single person's average living cost in Sydney ranges from $430 to $450 per week without rent. This number will be significantly higher if we factor in inflation for the upcoming years.

AFSA defines a modest lifestyle as “lightly above the Age Pension and allows retirees to afford basic health insurance and infrequent exercise, leisure and social activities with family and friends.”

On the other hand, comfortable retirement means you can afford “daily essentials, such as groceries, transport and home repairs, as well as private health insurance, a range of exercise and leisure activities and the occasional restaurant meal.” It also includes remaining “connected to family and friends virtually – through technology, and in person with an annual domestic trip and an international trip once every seven years.”

A retirement financial advisor in Sydney can help you create a blueprint for your retirement dreams in the Harbour City.

A local retirement planner understands the city’s economic structure, which they can leverage to identify and capitalise on investment opportunities to grow your retirement savings. They are familiar with the local market conditions, which can be beneficial in making informed investment decisions.

Is it worth paying a retirement planner?

Many people find significant value in hiring a retirement planner for the following reasons:

Retirement planning involves complex financial strategies, tax laws, and investment options. A planner brings specialised knowledge to guide you.
Planners can provide unbiased advice, helping you avoid emotional decisions.
Managing your finances can be time-consuming. A planner can handle the research and paperwork.
Knowing you have a solid plan can reduce financial stress.
A skilled retirement planner in Sydney can maximise your investments, potentially leading to higher returns. This prospect can fill you with optimism and hope for a financially secure retirement.

If your financial situation is complex, consider seeking professional guidance for retirement planning in Sydney. Multiple income streams, inheritances, or significant debt can make managing your finances challenging.

Perhaps you have questions about investments, taxes, or retirement accounts. In that case, a retirement planner can be a valuable resource.

When is the best time to hire a retirement planner?

The best time to hire a retirement planner is several years before you plan to retire. This way, you can maximise your savings and investment growth over time. A retirement financial advisor can identify potential risks early and develop proactive measures to protect your assets.

That said, even if you're closer to retirement, a planner can still help you assess your current financial situation, create a retirement income plan, and implement strategies to optimise your retirement lifestyle. It may not be the dream retirement you want, but a skilled planner can help you make the most of your circumstances and enjoy your golden years to the fullest.

How do I choose a retirement planner in Sydney?

Consider these factors when choosing your retirement planner in Sydney:

Your goals. What do you hope to achieve with a retirement planner? Are you seeking general advice, investment management, or comprehensive financial planning?
Your budget. How much are you willing to spend on planner fees? Does the planner’s fee structure fit your budget?
Certifications. Check if they hold an Australian Financial Services Licence (AFSL) or are authorised by an AFSL holder.
Experience. Seek a planner with a proven track record in retirement planning.
Investment philosophy. Check whether their investment approach aligns with your risk tolerance and long-term goals.

Most planners offer initial consultations at no cost. Prepare a list of questions to assess their expertise and compatibility.

Take control of your finances with a retirement planner in Sydney

Managing your retirement and finances can be tricky, but you don't have to figure it out on your own. A financial advisor from 360 Financial Strategists can guide you through your options and help you make informed decisions for your finances!

Don’t leave your finances to chance! Reach out to us at 360 Financial Strategies to learn how we can help you achieve your financial goals. Whether you're saving for retirement, investing, or just trying to get your finances in order, we're here to help. Call us on 03 9427 0855 or contact 360FS today!