Retirement Planning is the process of ensuring that you have enough money when you retire to live comfortably. It is an incredibly important process yet most of us only start thinking about it when it might be too late.
Retirement planning is no easy feat - there are many things working against you when trying to figure out what you need in retirement:
These are some of the hard questions that need to be answered when doing retirement planning. Historically, these questions have been answered by financial advisers - now Plenty can do it all for you. Below are some of the key differences between advisers and Plenty when it comes to retirement planning:
At Plenty your free financial roadmap is very focussed on the goals you would like to achieve and, if retirement is one of those goals, then the roadmap will be laser focussed on achieving that goal.
To do this, we will ask you at what age you want to retire. We then forecast what you have to spend and save today to retire at that age comfortably. We determine your comfortable retirement based on your current spending habits rather than some arbitrary number.
At Plenty we understand that superannuation is the key to your retirement. That is why we will propose tax-effective contribution strategies that will ensure your retirement nest egg grows in the most efficient way possible. These strategies are unique taking into account your employment, age, goals and tax rate.
Our roadmap also analyses your existing superannuation arrangements to make sure they are in a low-cost fund (fees play a huge role in your retirement). Once in this fund - we will recommend the right mix of assets you should hold based on your current situation and when you want to retire.
We completely understand that it is very hard to prioritise your retirement when it might be 10-20-30 or 40 years in the future. That is why Plenty allows you to save for multiple goals at the same time - looking to buy a new house in 5 years but also worried about retirement? At Plenty our roadmap takes all of this into consideration and allows you to understand exactly what you need to do in the present to be comfortable in the future.
The best part is, with Plenty, you can see how these goals affect your current spending in real time; we allow you to update your goals and get a new plan as many times as you want. If you have ever wondered how retiring 3 years earlier or later might impact what you need to do now than Plenty can show you.
Unfortunately, retirement planning, and maximising your super, often involves trade-offs between current you vs. future you. To retire comfortably often means sacrificing on spending today so that you can boost your superannuation.
Plenty helps to do this by both showing exactly what you need to spend today to retire at the age you want and how to best boost your superannuation tax effectively. Our planning tools also gives you the power to see exactly what you have to spend to retire at different ages. For an additional monthly fee, we also enable you to have your very own personalised planner to help you stay on track.