Your Retirement Vision

Your retirement vision is a personal and unique concept that reflects your goals, aspirations and priorities for life after work. Defining this vision is key to creating a roadmap for your retirement planning. Think about what you want to achieve in retirement—whether it’s travelling the world, spending time with family or diving into hobbies you’ve always loved.

Consider your ideal lifestyle, including where you live, social connections and recreational activities. Do you see yourself in a bustling city, quiet countryside or by the beach? How important are social activities and staying active to you? Your retirement vision should also include your financial goals—maintaining a certain standard of living or achieving financial freedom.

A clear retirement vision will guide your decisions on retirement age, income and expenses. It’s important to review and update your vision regularly to ensure it stays aligned with your changing needs and priorities. By having a vision you can make informed decisions that support a well-planned and fulfilling retirement.

Saving vs Living

Many Australians worry about running out of super in retirement—and rightly so. But there’s more to retirement planning than just building your super balance. Life isn’t just about what happens after you stop working. It’s about enjoying the journey along the way.

One option is to take a lump sum from your super savings for immediate financial needs such as debt repayment or lifestyle enhancement. But this choice may compromise long term financial security and requires careful consideration of future lifestyle funding without that capital.

Bill Perkins’ book Die With Zero challenges the traditional thinking around retirement. His core message is simple: the richest life is one where you invest your time and money in meaningful experiences not just savings.

Balance in Financial Planning

Living Now While Planning for Tomorrow

True financial planning is about finding the balance between living today and planning for tomorrow. When your strategy supports both you get the freedom to:

• Enhance relationships through shared experiences
• Recognise and seize life’s most joyful moments
• Improve your quality of life with better health, personal growth and happiness
• Plan for healthcare expenses and life’s unexpected twists

Why Financial Security Still Matters

While living in the present is important, financial security in retirement is still vital. Your preservation age determines when you can access your superannuation and those funds are critical for peace of mind and independence later in life.

You can only withdraw a certain amount from your superannuation each financial year so it’s important to understand these restrictions.

Laying the Foundation for a Secure Retirement Strategy

Setting Yourself Up for a Secure Retirement

Start with the essentials for a strong financial future. If you want to enjoy a comfortable and stress-free retirement, the best place to start is with the basics:

• Make a simple, realistic budget – Know what’s coming in and going out so you can stay on track

• Pay down debt – Reducing what you owe now gives you more freedom later

• Build an emergency fund – Life happens. A savings buffer helps you stay prepared

• Keep an eye on your super – Know your current balance and think about combining any extra accounts to save on fees

These small steps can make a big difference in your retirement plan.

Cover All Bases

A comprehensive retirement strategy should include:

• Planning for income, expenses and savings goals
• Know your super balance and explore account-based pension options
• Factor in government benefits like the Age Pension and how they fit into your plan
• Consider how account-based pensions can provide a regular income in retirement although this income is not guaranteed for life and depends on the savings in superannuation

Your Retirement Income

Assessing your retirement income is key to making sure you have enough money to support your desired lifestyle in retirement. Your retirement income will come from various sources including your superannuation, the Age Pension and other investments. Start by thinking about your annual income requirements in retirement taking into account your living expenses, debt and other financial commitments.

Calculate your super balance and projected retirement income to see if you’re on track to meet your retirement goals. If there are gaps consider seeking financial advice to optimise your retirement income and create a sustainable income stream. Insight Wealth Planning can help you explore options like account-based pensions and other investment strategies to maximise your retirement income.

Review and update your retirement income plan regularly to ensure it meets your changing needs and priorities. A well planned retirement income strategy will give you a comfortable standard of living in retirement and peace of mind to enjoy this next chapter of your life.

Superannuation

Maximise your superannuation to build a big enough retirement nest egg. Consider contributing more to your super fund either through voluntary contributions or salary sacrifice. These extra contributions will add up over time. Evaluate your super fund’s investment options and fees to make sure you’re getting the best returns. Consider consolidating your super accounts to reduce fees and simplify your super management. Take advantage of government incentives like the super co-contribution scheme to boost your super balance.

Review your super fund’s insurance options to make sure you have enough cover. A well managed superannuation strategy will give you a big enough retirement fund to have financial security in retirement.

Investing for Retirement

Investing for retirement is a long term game and requires a diversified investment portfolio. Consider your investment risk tolerance and time horizon when choosing investment options. A balanced portfolio might include shares, property and fixed income investments.

Evaluate your investment options carefully and consider seeking professional advice to optimise your investment strategy and minimise risk. Review and adjust your investment portfolio regularly to make sure it’s aligned to your changing needs and priorities. A well planned investment strategy will grow your retirement wealth over time and give you the financial resources to enjoy retirement.

Also consider the tax and fees associated with your investment options. By managing these you can maximise your returns and build a robust retirement fund.

Debt and Emergency Funds

Managing debt and emergency funds is key to financial security in retirement. Consider paying off high interest debt like credit cards before retirement. Reducing your debt will free up more of your retirement income for living expenses and leisure activities.

Evaluate your emergency fund to make sure you have enough savings to cover unexpected expenses. Aim to have an emergency fund that covers 3-6 months of living expenses. This financial buffer will give you peace of mind and protect you from financial shocks.

Review and update your debt and emergency fund plan regularly to make sure it meets your changing needs and priorities. A well managed debt and emergency fund strategy will give you financial stability in retirement so you can focus on enjoying life without financial worries.

Experiences Are an Investment Too

A Life Full of Meaning

Investing in experiences not just assets adds depth and joy to your life. These moments:

• Strengthen personal connections
• Encourage growth and gratitude
• Shape the memories you’ll carry into retirement and beyond

As Bill Perkins says “No one ever died regretting the good times.”

How to Balance Lifestyle and Savings

To live now and save for later try to:

• Ask what are your financial goals and what really matters most to you
• Create a budget that balances savings and experiences
• Spend intentionally, is each purchase aligned to your long term goals

Why a Financial Adviser Makes a Difference

It’s not always easy to find that balance on your own. That’s where we come in.

A good adviser can help you:

• Tailor a retirement plan that fits your life

• Navigate superannuation, insurance and investment options

• Balance today’s happiness with tomorrow’s security

At Insight Wealth Planning we help you build a life where financial freedom and happiness today go hand in hand. Your needs today and tomorrow are connected—and your plan should reflect that.

Let’s create a plan for a life well lived, not just well planned.

Get in touch today to start building your future—and enjoying the now.