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Flexible income options

To deliver the financial flexibility clients need to keep all these things in balance, we will also carefully tailor retirement income stream choices. “Thanks to their flexibility, account-based pensions can be a good option for funding retirement. To make sure our clients keep their account-based pension going for as long as possible we’ll recommend having a decent amount in assets that will protect their balance – known as defensive assets. We’ll also want to plan for having funds available for monthly drawdown for everyday needs and an annual lump sum to pay for travel. So, it’s also important to make sure enough of their money is in liquid assets so it isn’t locked away for too long. Of course, making recommendations for retirement income products very much depends on each client’s circumstances. There’s no one-size-fits-all solution.

Do away with debt

If one of our clients were to be borrowing to ramp up their retirement travel, it would not be the result of our advice. At any time in your life, borrowing money means knowing how you’re going to service that debt in future. In retirement, your income is coming from savings, not salary. The repayments are only going to increase your day-to-day budget in the future, leaving you with even less money for treating yourself. And if spending more now means running out of money in a decade, you could find yourself living on just the Age Pension which may not be enough to meet your needs. Being unable to afford to live longer is not a position anyone would want to find themselves in.

Get set for travel

As well as the overall financial planning piece, we also help clients prepare for their adventures with five tips to keep finances running smoothly while you are away:

  • Have an emergency fund in an account you can easily access to deal with any unforeseen expenses while you’re away.
  • Share an email address with friends, family and any professionals who might need to contact you – your adviser, accountant etc. Be sure to check it regularly when you have access to the internet.
  • Arrange suitable travel insurance for your trip – whether going overseas or travelling in Australia. If heading abroad, check it includes adequate cover for a health event.
  • Check bill payments will be made automatically while you’re away. Arrange direct debits for any rent, insurance, credit cards or and other services or repayments.
  • Organising a Power of Attorney can also be helpful if something unexpected should happen and you need someone to act on your behalf in your financial affairs.

As always, feel free to reach out to us if you require any assistance.