Retirement Planning

“The challenge of retirement is being able to spend time without spending money.”  - Unknown.

“Eighteen years ago I met a retired man at a bowls club that my wife was doing a presentation at. We had a conversation I will never forget. He was on the age pension. He had worked all his life in the railway and had the belief that he would be looked after when he retired. The pension was enough to feed and water him but he could not afford to visit his family who lived across the country. He told me he really regretted his mistake of relying on the pension. His son who is a successful musician, was able to help him out. Without his help he would have struggled through retirement because of being constantly restrained by money.” Tony Olsen Director, Flor-Hanly.

“You can be young without money but you can’t be old without it.”  - Tennessee Williams.

The majority of the population will be in the same boat or worse. Very few people will be able to continue their current standard of living when they retire. They simply will not have enough. It is terribly sad for someone to reach the “best years of their life” only to not be able to do the things they would love to do because of a lack of money.

“Retirement is wonderful if you have two essentials – much to live on and much to live for.”  - Unknown.

Retirement is a state of mind. Everyone has different plans for what they want to do in their retirement and at what age they wish to retire. Because of this, everyone will have different personal and financial needs in retirement and need to plan accordingly.

Plan for a tax effective retirement

Retirement planning should be integral with tax planning and vice versa. Careful, long-term tax planning using appropriate tax structures can result in a tax free retirement. Not paying income tax on your investment earnings can significantly increase the cash you have available for discretionary spending. Further, it may be possible to structure your affairs to get some of the tax you or your business has paid over the years refunded to you in retirement.

“A man is not old until regrets take the place of dreams.”  - John Barrymore

At Flor-Hanly, we work with our clients to help plan for their retirement. By knowing where you want to end up, we can tailor our advice and develop a plan to get you there. Planning for retirement should start early. It should be integral with your overall plans and goals.

Contact us on (07 ) 4963 4800 or email to arrange a free discussion on how we can work with you.

“I try to treat each evening and weekend as little slices of retirement because no one is guaranteed a lengthy one at the end of their career.”  - Mike Hammer.