
This week is Financial Planning Week! If you have any burning questions about your finances, head to the Ask an FPA Expert forum and ask a qualified expert for free.
Your 50s to 60s can be one of the saddest times in your lives, when your last child moves out of home. Their car leaves the driveway, a big smile on their face, a quick wave goodbye and then they’re off on their next life adventure. As you wipe the tears from your eyes, a strange sensation comes over you. Your body relaxes, a smile sweeps across your face, your mind is clear and you realise that you finally have your independence back. Oh, what a feeling!
This is the perfect time to reassess your goals and start planning for your retirement. The thought of retirement can be daunting and many feel overwhelmed and unprepared. The inevitable questions surround your mind; where do I start? What do I need to do? How much money do I need in retirement? Will it last?
Retirement planning can be confusing, that is why you should have a financial planner. A financial planner will help you understand your goals and then develop strategies that will give you peace of mind, knowing that you are on the right track to financial independence in retirement.
To help you start your retirement planning journey, you first need to know how much money you require for retirement.
Here are some quick tips on how to calculate this amount:
After you have considered these steps, I recommend you see an experienced, qualified financial planner that can help you through the retirement planning journey.
Not sure where to look for a financial planner? All members of the Financial Planning Association (FPA) are bound by strict education and ethical standards. The FPA Find a planner directory will help you locate an expert near you.
Remember the sooner you start planning the more likely you’ll be able to achieve financial independence and peace of mind. Take action before it’s too late.
Contribution by James Wortley CFP®, Principal Financial Adviser at Enlightened Financial Solutions. | ![]() |