Personal

Retirement - are you prepared?
Retirement, whether planned or forced upon you, can be daunting and stressful, so good planning before you retire will make your retirement and the transition into retirement a lot easier.

When you retire from the workforce most people would like enough money to live on and set a standard of living for the rest of their lives.Retirement - are you prepared?

Therefore one of the first things you will need to consider is what sort of income you will require to meet your retirement needs. You will also need to look at your current living expenses and work out how they will change when you retire. Once you have determined your income needs in retirement, you will then need to work out how much capital you will need to achieve this.

Have you considered:

  • How much money will you need to live the lifestyle you want?
  • Are you able to reduce your working hours closer to retirement?
  • Do you have any health concerns that you need to consider?  
  • Will you pay tax in retirement?
  • Will you stay in the same house or will you upgrade/downsize?
  • Should you organise a will?

Through ComCorp’s qualified financial planners, BCU can help you clarify and answer these and many more questions. Just ask at any BCU branch or call 1300 228 228 and we’ll put you intouch with a local ComCorp Financial Planner.