Transition To Retirement
People are retiring earlier and living longer so the period of your retirement could longer than you anticipated. Although you may stop work on a Friday and find yourself retired the following Monday, the transition to retirement in financial terms should be a long, smooth process. In essence, you need to replace your regular salary with a similar amount of income from investments and pensions.
You must also continue to protect the assets that you have accrued throughout your life – although you may choose to sell a large home and move into something smaller. The smaller house is still an asset that must be protected.
The amount of money you will need in your golden years will depend on the length of your retirement, your age, lifestyle, your health, the ability of your investments to generate tax-efficient income and your willingness – or not – to take a risk.
The team at TAG Wealth can guide you every step of the way. Remember, the better we get to know you, the more effective your personal retirement plan will be.
Let’s Save Retirement
Play the videos to explore the Save Retirement exhibition. Watch what you can do to make sure your retirement doesn’t become a thing of the past.
On average we will spend a quarter of our life in retirement.2
Half of us may outlive our retirement savings by 13 years.3
The average price of a salmon fillet today is $16. In 2054 it could be $50.1
Australian families are underinsured by $1.3 trillion.8
75% of working Australians will be forced to take six months or more off work as a result of a long-term medical condition resulting from sickness or accident.5
Up to a third of Australians over the age of 45 retire early. The majority do so because of ill health and not because they are financially independent.4
The first two years of your retirement is the most important to get right. The opportunity to make the most of your savings is at its peak.
On average women outlive men by 4 years and therefore have an even longer time in retirement.
The average cost of bread today is $3. In 2054 it could be $91
(Source: Videos and stats data supplied by MLC.)
Contact TAG Wealth today to find out how we can help you.