Retirement is often an exciting time in people’s lives where they get to contemplate the possibility of world travel and chance to take up new hobbies without having to worry about time constraints.
Baby boomers who are approaching the end of their full-time working life will doubt have a long list of things they want to do.
In some cases, they may have even taken long-service leave as a type of practice retirement in order to get used to the idea of not having to follow a strict work schedule and get some much-needed R&R.
While researching your next adventure can seem like and is a lot of fun, in order to turn dreams into reality requires serious planning.
Some people already have a knack for saving and will be well on their way to a worry-free and prosperous financial future.
Yet for those who struggle to hold onto loose change, it may be best to consult a professional financial advisor to help you reduce debt and grow your wealth.
Most specialists in this area will tell you that there are four distinct phases to retirement including the initial self-assessment where people take a long, hard look at their bank balance, goal setting, consolidation and wealth building, followed by estate planning.
Within this strategic outline it may also be a good idea to factor certain risks into your regular account keeping so that you have money stored away for the next rainy day.
All too often people forget to think about unexpected costs that may arise due to your own poor health or the need to care for those around you.
Another important tip is to remember that investing in property can generate its own incomes and take the pressure of your pension and superannuation payments.