Retirement is a major milestone in life, but it requires careful planning and preparation. In this blog post, Wealthlab’s senior adviser Phil Sproule shares some of the key factors you need to consider to retire confidently.

Before we dive into the boring stuff like budgeting, let’s start with the real reason why you’re here. Retirement means having more time to do the things you love or nothing at all. But have you ever thought about what retirement looks like for you? This is the first step in successful retirement planning, and you need to set some goal posts. Here are the four questions you should ask yourself:

1. What do you need to fund the necessities of life? It’s easy to forget about those bills that only come once a year or your regular expenses. Start by creating a realistic budget. You can use the ASFA (Association of Superannuation Funds of Australia) retirement standard to measure how much money you need to fund retirement.

2. How much do you have to set aside for emergencies and “just-in-case” money? Unexpected expenses can be stressful, so it’s essential to have a realistic amount set aside for emergencies. The appropriate amount will vary from person to person, depending on your standard of living.

3. How do you want to live your best life? Think about what the perfect retirement is to you. Where do you want to travel? What hobbies would you like to take up? What’s your idea of a comfortable retirement? This is the fun part of retirement planning, and you can prioritize what’s most important and affordable.

4. What do you want to leave behind? Have you thought about what you want to leave behind for your loved ones or your community? This is an important conversation, especially for blended families.

Retirement planning is a journey, and the earlier you start, the better your chances are of getting there with less compromise. At Wealthlab, we can help you work out costs and timeframes and prioritize what’s most important to you. Contact us today to retire with confidence!