PLANNING FOR RETIREMENT

If you want to create the retirement plan that is right for you, you need to start working towards that goal while still in your working life. After all what will pay for the bills when you stop working?

Modern society is based on the formula that time is money - we trade our time each week to give us the lifestyle we need. The drawback is that during situations where we are unable to put in the necessary time, such as when we retire, we are unable to generate an income.

While you work to create an active income, trading your time for money like in a job, you should be creating passive income, which is earnt from income streams without the need to trade your time for it. This type of income is the type that we need during our retirement phase, where bills still need to be paid. However most people earn what they spend and without the proper knowledge on budgeting and goal setting, never have the chance to get financially ahead. As a result, most Australians will not have enough passive income when they retire and will have to rely on alternative sources of income such as part time employment or, if possible, government pension.

Passive income is generally comprised of 3 elements: Property, Superannuation, Investments, or PSI. As an approximate, one needs $1,000,000 of PSI to generate $1000 a week of income. However many Australians are not equipped with the knowledge to generate this standard of passive income, and many people still retire with inadequate superannuation savings to fund the lifestyle they want in retirement. (asfa p7)

These days, Its fairly easy to find general advice and strategies that can help you get ahead, like in a book or on a blog. However, many Australians will require specific retirement planning advice to optimise their plans to best suit their future needs. At Qwealth, our advisers tailor fit your strategies to suit your particular situation, and with our knowledge of goal setting and budgeting strategies, we can show you how to formulate your plan for the future.

General Advice Warning: The information contained within the website is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material, Qwealth will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should satisfy themselves independently of the appropriateness of such action.

Authorised Representative of Lifestyle Asset Management:

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84 Nicholson Street, Woolloomooloo

NSW 2011

Ph: 1300 226 271

Head Office:

Qwealth Pty Ltd

Po Box 20, Tamborine QLD 4270

Ph: (07) 5543 8120

E: clientservices@qwealth.net.au