Retirement planning involves making smart financial choices that can influence your future. A balanced strategy is key, focusing on growth and safeguarding your assets.

Our Six-Point Retirement Plan provides insight into how people can reduce risk, take advantage of opportunities, and plan to retire successfully.

Specifically, we recommend six steps to get set for retirement:

Step 1

Articulate, set, and put numbers and timelines on goals

Most goals can be expressed as a desired amount of money at planned time in the future. Fully identifying goals is the essential first step toward building a retirement portfolio structure.

Step 2

Build a personal financial model to assess the current amount of money needed to meet future goals and refine the goals and/ or timelines as required

Financial modelling can reveal whether goals are likely to be met or not, and therefore allow people to proceed with confidence or adjust as necessary. Financial modelling can help answer the question ‘do I have enough money to retire?’.

Step 3

Implement strategies and utilise investment structures to minimise tax and achieve asset protection

Getting tax planning right and allocating capital to the right structures can make a huge difference to your retirement success.

Step 4

Employ a goals-based investment framework:

To ensure your goals are met as planned and are not dependent on portfolio returns, construct an investment portfolio that matches your planned expenditures with appropriate investments.

Step 5

Use averaging; hold cash when appropriate and average into long-term investments over time, based on the value

Investing portions of your capital over time significantly reduces timing risk and is particularly relevant for those converting a defined benefit account to an accumulation account.

Step 6

Avoid behavioural mistakes

Minimise irrational decision-making based on fear and greed. Having a goals-based framework can really help.

We invite you to explore these steps in more detail in our Six Point Retirement Plan.

To learn more about how these strategies can help you retire with confidence, we invite you to contact us on (07) 3391 5055 or via connect@mgdwealth.com.au for an initial complimentary discussion.

Any advice included in this communication is general and has been prepared without taking into account your objectives, financial situation or needs. As such, you should consider its appropriateness having regard to these factors before acting on it. Any tax information refers to current laws, is not based on your unique circumstances and should not be relied on as tax advice. Before you make any decision about whether to acquire a certain financial product, you should obtain and read the relevant product disclosure statement.