Most of us simply want to maintain our current lifestyle and income into and throughout retirement. How can we do this? Start by thinking about some important questions:
- How much income do I need to live on?
- How long must it last?
- Will I have enough money?
Two important questions CSS members must also consider are:
Am I on track?
To check if you’re on track with your retirement planning, ask yourself:
- What do I want to do in retirement? How often do I want to eat out? Do I want to travel?
- What interests and hobbies do I want to pursue?
- Where do I want to live?
- Will I need a car?
- Will I still have debts to cover?
- Should I consolidate my super?
- When do I want to retire?
- And when can I retire based on my required income level, savings and entitlements, and life expectancy?
- How much am I actually going to get from CSS? Will it be enough?
- How much can I afford to contribute to my super now?
- Which is the best way for me to take my CSS benefit?
- Should I seek professional financial advice to help make the right decision for me needs?
- Should I have a medical check-up?
- Do I want to transition to retirement? Or work full-time until I retire?
Can I retire now?
- Do I have any outstanding debts?
- How much super will I get if I stop work now?
- Do I want to continue working full-time or will my employer reduce my hours so I can phase in to retirement?
- Do I understand my potential tax and social security implications?
- What does my spouse want to do? What retirement income will my spouse have?