As much as some of us would like to, we can’t work forever. Life expectancy is increasing from generation, to generation, with an expectancy average of 83.5 years.
A life well worked, lived and loved deserves some downtime in its twilight years.
Financially planning now, will help you live a comfortable retirement, later.
It’s never too early to start planning for your retirement. It’s always a good idea to think about how you will support yourself as you age and slowdown in your career.
Read more from the Gold Coast financial planners at Crest Wealth to see what’s new in retirement planning and how you can financially plan for yours.
An 8-step plan for retirement
The Gold Coast financial planning team at Crest Wealth have constructed an 8-step plan for retirement planning. Let’s take a look at the steps below:
- Define your retirement – how do you want to spend it?
- Look at your non-traditional assets
- Examine your health and make changes if necessary
- If/when will you need to access a pension?
- How long do you want/see yourself working for?
- Create a retirement budget with a financial planner
- Prepare for the unexpected, you can do this by planning your will, planning your guardianship and letting your loved ones know your wishes
- Save more, a financial planner can show you how.
There’s been some recent changes to guardianship laws and documents. So, if you’re planning now for your retirement, it’s important to know what’s changed and how to make your wishes recognised.
Changes to guardianship laws and documents effective now
An enduring power of attorney (EPA) is a legally recognised authorisation to act on someone else’s behalf when it comes to legal and financial matters. It is often used to manage the affairs of people who have lost the ability to deal with their own affairs.
An advance health directive is an important factor in end of life care. Having one written up (and witnessed by a legal witness) helps loved ones and medical personnel be aware of and act in accordance with your wishes, values and preferences in a crisis.
As of 30th of November 2020, changes have been made.
What are they? In summary:
- If an existing Advance Health Directive contains an appointment of a person who is a service provider for a residential service of which the principal is a resident, when the amendments commence on 30 November 2020, the advance health directive will be revoked to the extent it gives power to the service provider (see section 169 of the Power of Attorney Act 1998). If these changes affect a client’s circumstances, they should consider making a new advance health directive.
- Any existing EPA currently in place and signed before 29th November 2020 remains valid.
- Any EPA made on or after 30th November 2020 must be in the new format.
You can access relevant forms through the Queensland Government.
Talk to your Gold Coast financial planner if you need guidance with these forms and more about retirement planning. We’re here to help you make carefully considered decisions and be aware of your rights and responsibilities for your future.
Gold Coast Financial Planners and retirement planning
Crest Wealth are here to help you prepare for your retirement.
Our specialist advice is tailored to your circumstances and needs, and we ensure your results, investments and planning for the future is maximised.
Need help with financial planning?
Contact Crest Wealth today to work towards your financial goals from wealth management and investments to retirement planning.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.