Financial Advisor: Effective Retirees Have Five Habits in Common
Announcement posted by Approved Financial Planners 10 Nov 2014
Retirement planning professional from Perth reveals five habits that many successful retirees have in common.
Perth, WA, 10 November 2014 - Recently, Daniel Stevens of Approved Financial Planners, a firm that offers retirement planning and other financial services in Perth, published an observation piece on the company’s blog. The piece documented five habits that many successful and effective retirees and those who are setting themselves up for successful retirement have in common. Here are the five habits and some notes about each.
Active Retirement Planners
Effective retirees start planning their retirements in advance. They take action, such as taking charge of their own investments and, in this era, their superannuation funds. While as many as two thirds of Australians take a passive approach to their superannuation funds by allowing their workplace to determine where their money goes, effective retirees know where their money is going.
They Live on a Budget
Effective retirees live on budgets during their earlier years to save money that they can convert into investments in their futures. The first step of creating a budget is monitoring all ingoing and outgoing funds. This shows people where their money is going and makes it easier to create a realistic budget by asking themselves what they really need to be spending money on.
They Receive Professional Financial Advice
Effective retirees understand that it is to their advantage to maximise every investment dollar, whether it is in their super fund or in other investments such as shares or investment properties. They realise that a strong financial planner who keeps up with investment markets can provide them with opportunities they wouldn’t otherwise find out about.
They Educate Themselves
While they treasure professional advice, effective retirees also make it a point to know whatever they need to know about investing. If they choose property as a vehicle, they learn about the real estate market. If they choose shares, they learn all about shares. If they choose a diversified portfolio, they learn about every asset class in their portfolio.
They Take Advantage of Tax Relief
Effective retirees know that investments are taxed differently, based on asset class and investment structure. They hire tax professionals to ensure they are not giving the Government a dollar more than they have to.
Why it is Important to be Effective
According to Mr Stevens, “The world of investing and superannuation funds has become extremely competitive. It takes a lot of drive and knowledge to maximise one’s retirement funds in this day and age. Those who realise this and treat their retirement planning and financial planning like a business are setting themselves up with a greater likelihood of success than those who aren’t paying attention and hope their super fund at work provides for their retirement.”
Mr Stevens concluded, “Those who are successful at retiring with more than they need are usually the ones who are planning and taking an active role in their futures long before retirement age. Retirement should not be taken lightly.”
Approved Financial Planners offers a full range of products, including retirement planning and wealth protection, in Perth. They are associated with AMP Financial Planning Pty Limited and have been serving Perth since 2005. To learn more or for an individual consultation, call 1300 787 274 or visit their website: http://www.approvedfp.com.au/.
General Advice Warning
What you need to know
Any advice contained in this Page is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters.
Active Retirement Planners
Effective retirees start planning their retirements in advance. They take action, such as taking charge of their own investments and, in this era, their superannuation funds. While as many as two thirds of Australians take a passive approach to their superannuation funds by allowing their workplace to determine where their money goes, effective retirees know where their money is going.
They Live on a Budget
Effective retirees live on budgets during their earlier years to save money that they can convert into investments in their futures. The first step of creating a budget is monitoring all ingoing and outgoing funds. This shows people where their money is going and makes it easier to create a realistic budget by asking themselves what they really need to be spending money on.
They Receive Professional Financial Advice
Effective retirees understand that it is to their advantage to maximise every investment dollar, whether it is in their super fund or in other investments such as shares or investment properties. They realise that a strong financial planner who keeps up with investment markets can provide them with opportunities they wouldn’t otherwise find out about.
They Educate Themselves
While they treasure professional advice, effective retirees also make it a point to know whatever they need to know about investing. If they choose property as a vehicle, they learn about the real estate market. If they choose shares, they learn all about shares. If they choose a diversified portfolio, they learn about every asset class in their portfolio.
They Take Advantage of Tax Relief
Effective retirees know that investments are taxed differently, based on asset class and investment structure. They hire tax professionals to ensure they are not giving the Government a dollar more than they have to.
Why it is Important to be Effective
According to Mr Stevens, “The world of investing and superannuation funds has become extremely competitive. It takes a lot of drive and knowledge to maximise one’s retirement funds in this day and age. Those who realise this and treat their retirement planning and financial planning like a business are setting themselves up with a greater likelihood of success than those who aren’t paying attention and hope their super fund at work provides for their retirement.”
Mr Stevens concluded, “Those who are successful at retiring with more than they need are usually the ones who are planning and taking an active role in their futures long before retirement age. Retirement should not be taken lightly.”
Approved Financial Planners offers a full range of products, including retirement planning and wealth protection, in Perth. They are associated with AMP Financial Planning Pty Limited and have been serving Perth since 2005. To learn more or for an individual consultation, call 1300 787 274 or visit their website: http://www.approvedfp.com.au/.
General Advice Warning
What you need to know
Any advice contained in this Page is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters.