Become financially strong before retirement comes. Manage your hard-earned money at the best place with the guidance of retirement income planning advisors in Minnetonka. Retirement income planning is a year-by-year timeline, reflecting the sources where your retirement income will come from. Do not wait for the retirement age; start planning today with Omegawmg. Click on the given link and reach the service page to know more!
Retirement at age 60: At the age of 60, I make $100,000 per year; how much money do I need to retire?
To understand more, see Troy Sharpe's video on retirement planning.
Assess your financial position To prepare for retirement, the first thing to do is to work out how much money you have now, how much you might have in the future and where it will come from.
Bring this information together by finding out:what assets (houses, savings, investments) you have and how much they are worthhow much super you have and when you can access itwhether you are likely to be eligible for the Age Pension and when you can apply for it.
Make a long-term financial planThe next step is to think about how your needs might change over time.
For instance, in the first few years of retirement, you might want to travel or take up a new hobby.
Later, you may want to replace your car or renovate your kitchen.
Further down the track, you may want to move into a retirement village.Think about how you can use your different income sources to fund the different stages of your life.
