Thinking about retiring?

01/04/2014
? ?Provided by Mercer.

If you are thinking about retiring soon, there is more to consider than you may think. But careful planning for retirement will ensure you are in the best possible position both financially and emotionally when the time comes. Consulting a financial planner is vital. A good financial planner will help you work out the best strategies to create regular income, maximise your super and how to minimise tax.

Before you approach a financial planner though, you need to have a clear idea of your goals. One of the most important considerations is how much money you will need for a comfortable retirement and where that will come from.

Try and give your financial planner as much information as possible. You will need to outline your objectives, give an idea of what your expenses are now and whether a change in lifestyle will bring any major new expenses.

Once you have spoken to a financial planner, have everything in place and feel emotionally prepared for retirement, you will need to decide on the best time to retire. Use the following checklist to determine how prepared you are:

Pre-retirement Checklist

 
  • Have you spoken to a financial planner about the best strategies to maximise super and reduce tax?
  • Will you pay off your debts with any lump sum you receive?
  • Have you taken into account major expenses such as a new car, overseas trip or renovations?
  • Do you have the relevant insurance in place including home and contents, motor and life insurance?
  • Has your will been updated and does it reflect your wishes?
  • Do you need to set up an enduring power of attorney?
  • Have you set some money aside for emergencies?
  • Where will your income come from during your retirement?
  • Have you considered when the best time of year to retire is?
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This information has been prepared by Mercer (N.Z.) Limited for general information only. The information does not take into account your personal objectives, financial situation or needs. Therefore, you should not act on this information if you have not considered the appropriateness of this information to your personal objectives, financial situation and needs. You should consult a financial adviser before making any investment decision.

 

This website is provided by Mercer (N.Z) Limited on behalf of the trustee of the Police Superannuation Scheme (PSS). The trustee pays a fee for the provision of this service, however this fee is not conditional on you using this service or acting on the information or advice provided through this service.

PSS Trustees Limited is the issuer of the Police Superannuation Scheme (PSS). A copy of the PSS product disclosure statement is available under Documents and forms and at companiesoffice.govt.nz/disclose.