Retirement and Planning: Essential Steps to Secure Your Future

Retirement and estate planning are vital for financial security in later years, and Eclipse Advisory brings extensive experience to handling these crucial aspects for our clients. Managing your money effectively impacts your savings, investments, and ability to budget for living costs. This guide covers setting up a retirement plan, deciding when to retire, estimating living costs, managing investments and savings, government benefits, estate planning, and seeking professional advice.

Crafting Your Future: Retirement and Estate Planning

At Eclipse Advisory, we empower you to build a secure financial legacy through expert retirement and estate planning. As a premier financial advisory firm, our dedicated team works closely with individuals and families to design bespoke strategies that not only ensure a comfortable retirement but also safeguard your wealth for future generations.

We are a reputable advisory firm, committed to offering insightful, personalized guidance and a transparent planning experience. Leveraging our profound knowledge of wealth accumulation strategies, tax-efficient investments, and intergenerational wealth transfer, we establish a robust framework for your financial well-being. Whether you're envisioning your ideal retirement lifestyle, aiming to optimise your pension income, or seeking to ensure your assets are distributed precisely as you intend, our professionals manage every detail with meticulous care and strategic foresight.

Eclipse Advisory provides no-obligation initial consultations, comprehensive financial blueprints, and continuous monitoring to deliver complete peace of mind. Are you ready to shape your golden years and protect what matters most? Or perhaps you wish to guarantee your legacy aligns with your deepest values? Discover how our holistic financial solutions can illuminate your path to lasting financial security.

When Do You Want to Retire?

Your retirement age depends on factors like employment, health, family, and Age Pension eligibility. It's important to plan for a certain age or date when you want to retire, taking into account your personal circumstances and financial goals. Your preservation age is the minimum age at which you can access your superannuation savings, and this may influence your chosen retirement date. Whether working, semi-retired, or retired, planning your retirement timeframe helps set realistic goals and maintain financial security. Regularly review your plan after stopping work—even after you have stopped working, it's important to keep your retirement plan up to date.

Estimating Your Living Costs

Plan for about two-thirds of your current living costs, accounting for rising healthcare expenses. Most people need to estimate how much income and funds they will require to maintain their desired lifestyle in retirement. Use benchmarks like the ASFA Retirement Standard to estimate the annual income needed for a comfortable retirement. Consider all expenses, including holidays and entertainment, to ensure sufficient retirement income.

Government Benefits and Pensions

Government benefits, especially the Age Pension, provide a basic standard of living for eligible retirees. Age Pension payments are typically paid fortnightly directly into your nominated bank account, ensuring regular and reliable payment to support your retirement. Know your eligibility and how to claim benefits to enhance financial security.

Age Pension Eligibility

You must meet residency and income requirements, with eligibility age generally 67, or earlier for those born before 1957.

Claiming Government Benefits

For information, contact Services Australia at 132 300 to understand your options and maximize benefits.

Estate Planning and Legal Documents

Estate planning ensures your assets are distributed according to your wishes. A comprehensive estate plan includes legal documents such as a Will and Power of Attorney, which specify your inheritance instructions and management of decisions after your death or incapacitation. It is important to keep your estate plan and legal documents up to date to reflect your current wishes and to comply with the law. Professional advice helps minimize tax implications and ensures smooth asset transfer.

Making a Will and Power of Attorney

A Will appoints an executor to manage your estate. A Power of Attorney allows someone to manage your financial affairs if you become incapacitated.