Five steps to achieving your dream retirement

Ready to make your dream retirement a reality? In this video, Rachael Ooi shares five clear, practical steps to help you prepare for the lifestyle you want—covering everything from goal-setting and super strategies to tax planning and expert advice. Start your retirement journey with confidence.

Video transcript

Hi, I'm Rachel Ooi from Your Wealth Consultants, and here is my five steps to achieving your dream retirement.

Are you dreaming of the day you can say goodbye to the hustle and bustle of the nine till five and sail smoothly into retirement of bliss and abundance? Don’t worry, you’re not alone. With the average life expectancies and the cost of living increasing, the reality is that without the right financial planning to help you grow your wealth, many won’t be able to sustain their desired retirement lifestyles.

This being said, there are some things you can do right now to get started on the journey to achieving your dream retirement—starting with the following five-step guide.

Step one: Identify your ideal retirement lifestyle and goals

The first step to achieving a retirement that meets your personal needs and goals is first to identify what those goals are. Just like everyone’s financial world is different, what your dream retirement looks like may differ from those around you. That’s why it’s essential to take the time, sit down and clarify exactly what the ideal retirement lifestyle means to you.

We understand how easy it is to let retirement planning slip to the bottom of your to-do list in your busy life. But the earlier you make time to complete this all-important step in your financial journey, the better—as goals identified here will form the foundations on which your retirement plan will be based.

Once you’ve settled on what your ideal retirement lifestyle looks like, it’s time to:

Step two: Consult a professional retirement advisor

Call in the experts. By seeking the help of a professional retirement advisor, you’ll not only be gaining guidance from someone who’s helped others just like you achieve their dream, but also an ally to ensure that you’re on track to achieve your goals—and help you stay there.

The retirement advisor can assist you by creating and implementing a financial plan designed from the ground up to help you achieve your unique retirement goals. This means no matter what life throws at you, you’ll have the tools and knowledge you need to work towards your ideal retirement with confidence.

Step three: Get your super sorted

Your superannuation is one of the most important investments you can make in your lifetime. And with the current generations predicted to live longer than ever before, maximizing your superannuation is essential to ensuring that you have enough income to support your dream retirement lifestyle for the entirety of your retirement period.

Luckily, there are a number of financial strategies you can implement to ensure that you’re making the most of your super. These include strategies such as salary sacrificing, making additional super contributions, and making sure that your chosen super fund is right for you—for your particular retirement goals and needs.

Step four: Ensure your tax obligations are minimised

Similarly to optimizing your super, making sure your tax obligations are minimized gives you the financial wiggle room you may need to implement the wealth creation strategies recommended to achieve a brighter financial future.

Thankfully, many of the financial strategies commonly recommended for those looking at achieving a successful retirement also have added tax benefits. For example, setting up a salary sacrifice plan or making concessional contributions to your super fund can help you secure a lower tax rate than other options—something that is of particular importance for those who are earning higher-than-average income.

This is where your financial advisor is an invaluable source, as they can help you understand which tax strategies you can personally take advantage of while you work together to grow your wealth and secure your dream retirement.

Step five: Transition to retirement with ease

By following the steps above, in combination with the guidance from an experienced investment advisor, it’s entirely possible to make the transition to a comfortable retirement smoothly, securely and in the knowledge that your financial world is taken care of.

But like many aspects of your financial world, while it’s never too late to begin growing your wealth and achieving your ideal retirement, the earlier you begin this journey, the better off you will be in the long run. This is because many of the financial strategies mentioned above utilize compounding interest to help grow your wealth. Thus, the more time you allow it to grow, the greater the nest egg you’ll have to access by the time you come to retirement.

If you’re ready to kick-start your journey to achieving and sustaining your dream retirement lifestyle, get in touch with a professional retirement advisor. It’s an excellent place to start.