65 Questions to ask yourself before you retire
65 Questions to ask yourself before you retire
Do you have to retire by a certain age?
How is your health?
Can you work for another 1, 3, 5 years?
What will your life look like after work?
What does retirement look like?
How will you be spending your time?
What’s on your to do list?
Are you joining a social group or organisation? (Men’s Shed)
Are you looking to give back to the community and volunteer?
Where are you living?
Are you travelling?
How often do you wish to travel?
Where are you travelling to?
How much will travel cost each year?
How much income do you need to meet your lifestyle?
Where will your income come from?
Do you still have a mortgage when you retire?
What is your debt repayment strategy?
What is your retirement plan?
How will your income be met?
Do you have enough assets/superannuation?
Is there a gap in your assets and the income your require?
Do you qualify for the Age Pension?
Is $38,000 Age Pension sufficient income to live comfortably?
Where does your assets sit? Personal name? Super fund?
Are you withdrawing your money from super?
How do you withdraw money from super? Income/Lump Sum
Are you looking to make any final superannuation contributions?
Are you downsizing and looking to make a contribution to super?
Do you understand the “Downsizer rules”
Do you have annual leave and long service leave?
Do you know the best time to retire to minimise your tax liability?
Are you keeping your money in the tax free super environment?
Are you starting an income stream with your super?
Are you in the right super fund?
Did you compare your super fund with four other providers?
Is capital gains tax payable when moving from accumulation to pension phase?
Are the superannuation administration & investment fees satisfactory?
Do you have an investment strategy applicable to your plan?
What is your financial capacity to take risk?
What is your need to take risk?
What is your desire to take risk?
How much risk is right for you?
Does your super fund offer suitable investments for your risk, investment strategy and plan?
Do you have sufficient cash reserves to meet two years worth of income payments?
What is your capital longevity?
What is your expected life expectancy?
Is there a gap between your capital longevity & life expectancy?
Have you planned for later life?
Do you know your age care options?
Do you know the costs of aged care?
How will the aged care costs be met? (do you need to sell your home)
What happens if you are sick and your partner needs to stay living in the family home?
Do you understand the superannuation death tax payable should you pass?
What is your strategy to reduce the potential death tax?
Do you have a will?
Will your estates be distributed in the most tax effective manner?
Will there be a challenge on your estate?
Do you have a Power of Attorney?
Do you have an Enduring Power of Attorney?
Leave a legacy?
Is the legacy for your family? charity? Loved ones?
How are you leaving the legacy?
Via assets, income or a combination?
Are you on track to retire on your terms?