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10 tips to ensure a successful retirement

Are you looking forward to retirement? Of course you are. Check out our top 10 tips to make sure you’re on track. The sooner you get started, the more likely you’ll have a happy and healthy retirement.

Tip one is to take stock. How do you want to live in retirement? Do you want to move to a new area? Do you want to do a bit of traveling? How much is it going to cost? How much do you have saved? Are you on track? If not, what are you? What are you going to do to get there?

Tip two: plan for the rest of your life. Most people are in retirement longer than they expected. While your health and family history will influence the length of your life, most people are living longer. In fact, you could easily live into your 90s. Plan for the long term, and don’t forget that you may need extra assistance as you get older.

Tip three: Review your investments. For your savings to last the rest of your life, you need to have the right mix of growth and defensive assets, and you also need to have something to bring in an income and also a bit of growth. Diversifying your assets across cash, fixed interest, shares, and property can help smooth the returns.

Tip four: Stick to your plan. Investments can quickly change in value, and while it’s tempting To sell out of shares when markets go south, this is often the worst thing that you can do. It’s important to remain focused on the long term as they usually recover if given a long enough period of time.

Tip five: Get the structure right. By changing the way you own investments and the way you receive income, you can reduce the amount of tax you pay and also increase the
amount of age pension or DVA pension you receive. Even if you aren’t If you are entitled to an age pension, you may be eligible for discounts, which can save you money over the long term.

Tip six: Get your affairs in order. Estate planning allows you to pass on the right assets to the right people at the right time. Unfortunately, we are all going to pass away at some point. The first step in a good estate plan is getting a will. You should also speak with your solicitor about an enduring power of attorney and an advanced medical directive. And remember to review your estate plan every few years as Circumstances change over time.

Tip seven: Stay fit and healthy. If you stay physically and mentally active, you’re more likely to enjoy a longer, healthier life. Take up a hobby, learn a new skill, or maybe volunteer in the community.

Tip eight. Rethink the move. Some retirees move to a new location that they’ve always wanted to retire in, but it hasn’t been measured. up to what they expected. If this is something you want to do, perhaps move there. temporarily, just to make sure it lives up to your expectations.

Tip nine: Review your investments. For your savings to last the rest of your life, you need to have the right mix of growth and defensive assets, and you also need to have something to bring in an income. and also a bit of growth. Diversifying your assets across cash, fixed interest, and shares and property can help smooth the returns.

Tip ten: Stick to your plan. Investments can quickly change in value, and while it’s tempting To sell out of shares when markets go south, this is often the worst thing that you can do. It’s important to remain focused on the long term as they usually recover if given a long enough period of time.

Tip eleven: Get the structure right. By changing the way you own investments and the way you receive income, you can reduce the amount of tax you pay and also increase the amount of age pension or DVA pension you receive. Even if you aren’t If you are entitled to an age pension, you may be eligible for a discount.

As found on Youtube

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