Whether you’re retiring, downsizing or moving into retirement living, it's time to get real with your finances, legal arrangements and where you'll call home.
Retirement is a chance to embrace new opportunities and pursue dreams you've put on hold. Whether it's overseas travel, starting a new hobby or spending more time with loved ones, retirement offers the freedom to explore and enjoy life on your terms.
On the practical side, considerin'g where you want to live and how you'll maintain your lifestyle is crucial.
Balancing these aspirational and practical aspects ensures a retirement that's not only financially secure and legally sound but also fulfilling and enjoyable – a time to savour the fruits of your labour and create new memories.
Let’s start with the money stuff. Think about how much you’ll need each month. Factor in things like travel plans, healthcare costs and the general cost of living. Take stock of what assets you have, be it property, businesses or investment accounts, eg, KiwiSaver. Where will your retirement income come from? Does your investment strategy need adjusting to suit your changing needs?
Now, onto the legal side of things. This is a good time to see your lawyer (such as the friendly folks at Haigh Lyon) to make sure everything is up to date and properly set up for the future – essentials include wills, trusts and powers of attorney. These help make sure your wishes are known and followed, especially who gets what after you’re gone and how you want your affairs managed if you’re unable to speak for yourself.
What about your home – do you still want to live where you are, or is downsizing or moving somewhere new on the cards? Consider rates, maintenance and whether your place is set up to support you as you get older. If you release some equity, what’s the best way to invest it?
By getting a handle on these financial, legal and real estate matters ahead of time, you’ll be in a better position to enjoy your retirement years worry-free.
Don’t hesitate to seek advice from experts like investment advisers, lawyers or your local real estate agent – they can help you fine-tune your plans based on your unique situation. Remember, the more you plan now, the more you can relax later!
For further information contact Anthony Kuran on T: 09 306 0611 or anthony.kuran@haighlyon.co.nz
Level 19, 41 Shortland Street | PO Box 119 | Auckland
30 July 2024
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