The final push towards retirement is like winning your own premiership!

Friday was a long day. Port Adelaide, top of the table all year, was aiming for their first appearance in a grand final for a long time.

Sure they are a team you either love or hate, but I’ve supported them from a young age.

And, not all in our household are Port supporters. Surprisingly my wife, a Crows supporter still married me, although she despises Port. She must have liked something else in me!

To her disappointment our youngest son, who was a Crows supporter earlier in the year, changed to Port after the Crows disappointing season. But I guess that’s what you get when you influence them from a young age.

Port had done the hard work, crushed all the doubters in one of a kind season.

I poured myself a glass of Rockford’s Basket Press (as I do at the pointy end of the season). Made myself comfortable on the lounge in front of the TV, turned the volume up and waited in anticipation of what could be.

At times, we got a little excited and enthusiasm took over when the umpires seemed to be favouring Richmond.

Later in the game, my youngest got a little upset, with my outbursts from time to time. We got a little loud for him. At times when they were playing well and at other times in disgust of the poor umpiring.

It must have been loud. My wife threatened to cancel the Grand Final dinner at our place the following week with friends if Port made it!

The last minutes were ferocious, yet stressful. When the siren sounded and my eldest started balling his eyes out. I spend the next five minutes consoling him and telling him they played and there’s always next year.

The rest is history, they lost and now we have to wait a little longer for another chance to make it to a Grand Final.

Here’s the thing, they get another chance. They get to reset and go around next year.

You don’t get another go at your retirement plan, you only get one crack at it.

The only thing you know is time will pass between now and the time you plan to retire. You’ll either be closer or further away from your retirement dreams. A time where you have the time to do all the things you want before you leave this marvellous planet of ours.

You see, all sports teams have a gameplan for success. They have coaches to help them succeed. Some make it and some don’t.

Here’s the gameplan so you can succeed at your retirement premiership:

It’s worked for hundreds of couples and singles and it’ll work for you too. You just need to follow the plan…

#1 Define your retirement lifestyle. What do you want to achieve between now and the time you leave this great planet of ours. Not sure, here’s a worksheet to help you out.

#2 How much is your retirement lifestyle going to cost? A quick way to calculate this is to take 70% of your current income and times it by 25. It may not be 100% accurate, but it’ll give you the ballpark. We take it a little further when we work with clients. We break up spending between pre-retirement, active retirement and slow down. Your first 10-15 years of retirement are likely to be your most active.

#3 Will you have enough money for retirement? The real question here is will you run out of money in retirement. Assessing your current financial reality and whether you are on track. You’ll fall into one of three categories, got too much, not enough or just enough.

#4 Bridge the GAP! If you have a gap between where you are and where you want to go, now is the time to consider your options. You are never going to be closer than you are now to change your course. Do you save more, invest more, enjoy more, work longer or work part-time for a period of time.

#5 Tools in the toolbox! Once you have your plan outlined, now is the time to consider if there are tools you need to get the job done. What super strategies can you put in place to optimise your position? Do you need to reassess your investment strategy? Do you need to consider a different super fund? Are there any other strategies you can deploy to optimise your financial position?

#6 Take action! The most important step. You need to implement it. If you have a solid plan, you can shut out all the noise and focus on implementing.

Sure, you can take the long way around and figure it out yourself.

But if you want more confidence, a clear roadmap to take you from where you are to where you want to go. Using the wealth you have to live your best life without fear of running out of money in retirement. Where your life is front and centre.

You can schedule a call here (at our cost of course). We’ll discuss how you can navigate financial uncertainty. So you have more confidence in keeping the lifestyle you want in retirement. If you prefer to just call me. My number is 0401 253 729.

Here’s to living your best life!

Glenn Doherty – CFP – Money Mentor | Taking the stress out of planning your self-funded retirement | Founder of Jigsaw Private Wealth

We conduct virtual client meetings!

Advice Disclaimer: Any reference in this publication to the provision of advice refers to advice of a generic nature, and should not be taken as product or investment recommendations. Before any action is taken based on the information provided, independent financial advice from a licensed financial adviser should be sought. Financial Freedom Project Pty Ltd ATF GA & DC Doherty Family Trust Trading as Jigsaw Private Wealth is a Corporate Authorised Representative of Exelsuper Advice Pty Ltd. The information contained in this publication is of a factual nature only and is not intended to constitute financial product advice. Information is current as at July 2020. This is an online information blog. It does not imply an offering of securities.


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