For many of us, retirement is when dreams become reality.  Released from the commitment of full-time employment, we are able to choose from a range of lifestyle options.

Despite having all of this to look forward to, preparing for retirement can be one of the most stressful and uncertain times of your life.

Planning early will help you get the most out of your retirement. If possible, start at least ten years before your planned retirement date.

The Government’s objective is to provide a full pension only as a safety net for those in real financial need. 

However, with proper planning, you can generate your own retirement income and supplement it with all the social security allowances and benefits that you are entitled to receive.

Approaching retirement, it’s important to work out how much money you already have in retirement savings and how much you will receive in retirement payments.

It is likely that your retirement funds will be made up of:

• Your superannuation in pension form
• Money from your employer – such as a retirement lump sum
• Other assets you have accumulated outside superannuation, such as investment properties, shares and managed funds
• Savings