Retirement takes decades of work and planning. If you find, as you approach retirement, you are not where you need to be financially, it is not too late to refocus. These 5 steps are applicable to everyone.

1. Plan ahead
Preparation is one of the most important steps. As the saying goes, failing to plan is planning to fail. As retirement age approaches it becomes even more important to seek professional legal and financial advice. Understanding the impact of our financial decisions on our retirement funds is essential. For example, what are the implications of gifting a large sum of money in the years just prior to retirement? What is the best way financially, to move into retirement?

2. Know your spending needs
Before you begin choosing where you want to live, you need to decide your annual living expenses. It is important these are realistic. Consider your monthly expenses, including a birthday splurge, entertainment spending, or travel desires. Once you determine how much money you’ll need to support yourself, then you can discover your time horizon.

3. Understand your time horizons for retirement
Time horizons for retirement are the specific periods of time needed to achieve your financial goals or hold an investment before selling. This is something to discuss with your financial planner. Factors such as inflation rates should be considered so the purchasing power of retirees is maintained.

4. Develop realistic retirement goals
Once the key financial factors have been determined, realistic retirement goals can be set. Adjust and top up your superannuation if necessary.

5. Choose a suitable retirement community
Choosing a retirement community that is going to suit your needs is the exciting part. Take into consideration price, location and your personal preferences. Cedar on Collins is in the beautiful coastal town of Kiama, with Sydney only a 90-minute drive away, and has handy access to beautiful beaches, a stunning coastal walk, and good restaurants. An ideal location to slow down and relax.

As previously stated, seek good financial advice to plan ahead for
retirement and look forward to a comfortable retirement.