Retirement Planning Melbourne | Secure Your Financial Future

Retirement Financial Planning

This is where getting the right financial advice for retirement planning helps. A financial planner can work with you to set achievable goals and map out a future that lines up with how you want to live.

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What is Retirement Financial Planning?

Retirement financial planning is about preparing for the financial and lifestyle changes that come with retirement. It’s about managing your money today so you can enjoy your golden years when the time comes.

There are several important elements involved in retirement planning:

First, you’ll need to decide when you want to retire. Your timeline might change along the way, but it’s a good idea to have a starting point.

Next, think about what matters most to you, such as travel plans, spending more time with family or other lifestyle goals. Consider whether you’ll change careers or continue working where you are.

You’ll also need to estimate your living costs. When you retire, you’ll want to maintain the same quality of life. Financial advice for retirement planning can help you understand where your income will come from, such as pensions, savings and superannuation.

Finally, start earlier rather than later. Contributing more to your super can significantly boost your retirement income. You can also focus on eliminating debt, such as your mortgage, and building a solid savings buffer.

How to Calculate What You’ll Need for Retirement

Financial planning for retirement is a personal process that will depend on your financial situation and goals. How much will you need exactly? There’s no hard-and-fast answer. But you can use a few calculation methods to get a rough idea.

The first is the simplest. Take 65% of your current income. Then, multiply that figure by the years between your retirement age and the average life expectancy (in Australia, this is 83.2 years). This will give you a lump sum to aim for.

Another method is to use the Association of Superannuation Funds of Australia (ASFA) Retirement Standard:

For a comfortable lifestyle, couples should aim for $72,148.19 annually and singles $51,278.30.
For a modest lifestyle, couples should have $46,994.28 annually and singles $32,665.66.

Of course, these calculation methods don’t account for your personal goals or needs. The most effective way to plan for the retirement you want is to get financial advice for retirement planning from professionals who understand how to tailor a plan around you and your goals.

Our Approach to Retirement Planning

Phase 1

Getting started

Intro call

We start with a complimentary conversation to understand your current situation, your retirement goals, and any questions you may have about the years ahead. It’s an opporutnity to discuss what you’re hoping to achieve and whether we’re the right fit to help.

Goal Setting

Retirement looks different for everyone. Together, we explore the lifestyle you want in retirement, when you’d like to stop working, and the income you’ll need to support your plans. This helps shape the retirement advice we provide.

Financial Assessment

Next, we review your financial position, including your superannuation, investments, savings, assets, and liabilities. A retirement planner then identifies opportunities, gaps, and potential challenges that may affect your long-term plans.

Phase 2

Your strategy

Strategy Development

Using the information gathered, we put together a plan that feels right for your goals and lifestyle. This may involve recommendations for your super, investments, and debt to help strengthen your retirement position.

Ongoing Reviews

Retirement planning is rarely a one-off exercise. As your goals, finances and circumstances change, your financial advisor reviews your strategy and makes adjustments to help keep you on track for the retirement you want.

Things to Consider

What are the Advantages of a Self-Funded Retirement?

Aiming for a self-funded retirement means you won’t rely on government pensions to fund your lifestyle after you retire. Instead, you’ll use your savings, super and investments.

This approach comes with several benefits, especially if you’ve received the right financial advice for retirement planning along the way:

Greater financial independence – You’re not limited by pension thresholds or restrictions, giving you more freedom to spend as you choose.
More control over your lifestyle – From where you live to how you travel, you’ll have the flexibility to plan your retirement around your priorities.
Peace of mind – Knowing you’ve built up enough to support yourself can give you long-term financial confidence.
Tax and estate planning benefits – With the right structure, you may be able to manage tax more effectively and set up future support for your family.

While self-funded retirement isn’t the only option, for many, it’s a way to build the kind of retirement that’s aligned with their goals.

Investment Strategies for Retirement Planning

Whatever your situation, investing your money will be vital to growing your retirement savings. Investing enables you to take advantage of compound interest. Put simply, this means earning interest on your money.

Compound interest adds up significantly over time. It’s all about putting your money to work so you can retire sooner and have more cash in the bank.

Here are some investing basics to keep in mind:

Consider your investing profile.

Before you invest, get a clear picture of your risk tolerance. Think about how long you have until retirement and how much risk you’re comfortable taking on.

Depending on your circumstances, you might choose a:

Conservative approach – Often better suited to older investors. This focuses on lower-risk options to help avoid market ups and downs.
Aggressive approach – Often a better fit for younger investors. This involves higher-risk investments that have the potential for greater returns but come with more risk.

Also, consider how easily you’ll need to access your money. Will you need quick access to cash, or are you in a position to lock your funds away for a while?

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Decide what to invest in.

Choose from a wide range of investment options that suit your risk tolerance, goals and personal preferences. Some of the options you might consider include:

Shares - Potentially higher returns but more volatile.
Bonds - Provide regular interest payments and are lower-risk.
Property - Can generate rental income and appreciate over time.
Mutual Funds and ETFs - Offer diversification by pooling money to invest in a variety of assets.

Understanding the Cost of Retirement Advice

The cost of retirement financial planning will depend on your circumstances, the complexity of the advice required, and the level of support needed. We begin with a complimentary introductory call, followed by a Discovery Meeting ($440 including GST), during which a retirement planner takes the time to understand your goals, retirement plans, and current financial position.

If you decide to move forward, we'll provide a Statement of Advice (SOA) outlining our recommendations, the reasoning behind them, and any associated costs before work begins. Clients who proceed with comprehensive advice typically pay a one-off onboarding fee ranging from $6,600 to $9,900 including GST, which covers the development and implementation of their strategy.

For clients who choose ongoing advice, fees are tailored to their circumstances and reviewed each year as part of an annual advice agreement. This can be particularly valuable for pension retirement planning, as your income needs, investments, superannuation, and retirement goals may change over time.

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Always diversify your investments.

Building a diversified portfolio helps minimise your overall risk, because if one investment underperforms, others may balance it out. It’s a smarter way to spread your risk and protect your long-term returns. Some ways to diversify include:

Investing across different asset classes, such as shares, property, bonds, and cash.

Spreading your investments within each asset class. For example, buying shares across different industries.

Including a mix of short-term and long-term investments.

Investing across different regions. Local and international markets can perform differently at any given time.

Our Locations and Availability

Retirement planning isn't limited by location. From our Melbourne office, we provide retirement financial planning advice to clients in Sydney, Brisbane, Perth and Adelaide through convenient remote consultations. Schedule a chat with us to discuss your needs.

Choose the best retirement planners.

A retirement planner can help you build a solid strategy by offering financial advice for retirement planning that’s tailored to your needs and aspirations.

When selecting a retirement planner, consider these factors:

Services - Ensure the planner provides all the services you need. This might include investment advice, tax advisory, estate planning, and life insurance.
Fees - Be clear on their fee structure. You should know exactly how much you’ll be charged.
Ownership - Check who owns the company. Independent firms might offer unbiased advice.
Links to product providers - Be aware of any affiliations with product providers. This could influence their advice.
AFS Licence - Check that they hold an Australian Financial Services (AFS) licence.

At Rising Tide, our passion is helping hard workers like you enjoy life to the fullest after retirement. We believe in transparency and honesty at every stage of financial advice for retirement planning. With more than 500 Google reviews, AFSL authorisation, and multiple industry awards, we're proud of the trust our clients place in us.

Whether you're planning for retirement, looking at family trusts, or seeking guidance on inheritance tax in Australia, we're happy to discuss your goals and how we can help. If you're ready to start, get in touch or learn more about our process.

Frequently Asked Questions

Please read from our Frequently Asked Questions. If you feel stuck, feel free to schedule a chat.

What should I consider when choosing a retirement plan?

Look at your financial needs, retirement goals, and risk tolerance. Getting financial advice for retirement planning can help you make decisions that support your long-term well-being.

At what age should I start financial planning for retirement?

It’s never too early. The sooner you start, the better. That way, you can take full advantage of compound interest.

What are the key differences between self-funded retirement and other retirement plans?

Self-funded retirements use personal savings and investments. This gives you more control but requires more planning.

How can I adjust my investment strategy as I approach retirement?

Shift to lower-risk investments like bonds and cash equivalents to reduce risk and protect your nest egg as you near retirement.

A planner who specialises in financial advice for retirement planning can help you structure your strategy based on your changing needs.

What are the benefits of working with a financial planner for retirement?

A financial planner can help you understand whether you’re on track for retirement and identify opportunities to improve your position. They can also help you make informed decisions about superannuation, investments, retirement income, and other financial matters, with a clear plan designed around your goals.

How often should I review my retirement plan?

Many people review their plan annually, while those nearing retirement may benefit from more frequent reviews to ensure their income, spending, and retirement goals remain aligned. Your retirement plan should also be reviewed after major life events, such as changing jobs, receiving an inheritance or paying off a mortgage.