Retirement Planning

+ When to Retire:

When do you see yourself retiring? It could depend on your health, career, family situation or simply when you are eligible for Age Pension.  Everyone’s journey is unique and even though the average retirement age in Australia is 56, more and more people are continuing to work until they turn 65. You need to choose what feels right for you. Rather than stopping work one day and being retired the next, you might like to ease your way into retirement by reducing your working hours.  At BCV Financial Solutions, we understand that everyone’s retirement goals are unique. That’s why we offer tailored retirement planning services designed to help you achieve the future you envision.

+ Planning Your Retirement Needs:

The first question to ask yourself is “How much income will you need when you are not working?”  Everyone is different but a lot of clients aim for 70% of your current income, which is at least a good starting point.  Our retirement planners can help you crunch the numbers and determine how long your savings might last if you spend that much.  If you see us early in the retirement planning process, then we can work with you on strategies to improve the outcome. We are a team of experienced Financial Advisors in Frankston who can work with you one-on-one to create a personalised retirement plan that fits your specific needs.

+ Retirement Investment Assets:

The assets you have built up prior to retirement, like superannuation, share portfolios, cash accounts, will generate the income that you need to live on during retirement.  Our retirement planning advisers love superannuation as once you have stopped working (after reaching preservation age) you can draw a tax-free income.  You may also qualify for Age Pension which can help with cash flow and has some other benefits, but on its own is probably not enough to support your desired lifestyle.

+ Estate Planning Considerations:

Having an up-to-date Will means that your assets will be distributed to those you choose, and it makes it easier for your loved ones.  The other critical piece in estate planning is having an Enduring Financial Power of Attorney and a Medical Power of Attorney.  These express your wishes in the event that you are still here but have lost capacity and are no longer able to make decisions for yourself.  It is essential that you have these documents done correctly and we can refer you to an expert Estate Planning Lawyer to help you with this.