There’s no denying that Australian sole entrepreneurs have a lot on their plates. They’re responsible for every aspect of their business, from finding clients and servicing them to keeping on top of the paperwork and managing their finances.
But one thing that many proprietors overlook is their retirement planning. Being self-employed doesn’t mean you shouldn’t be thinking about your retirement years. Having a solid retirement plan is even more critical when you’re self-employed.
We recommend that all Australian entrepreneurs consult with a retirement planner. A retirement planner can help you map your retirement goals and develop a strategy to achieve them. They can also offer guidance on what type of retirement income streams would work best for you and how to maxi.
Why You Should Consult a Retirement Planner
There are many things to consider when you are a proprietor in Australia, and one of the most important things to consider is your retirement. You need to ensure that you have enough money saved up so you can live comfortably in retirement. This is where a retirement planner can come in handy. A retirement planner can help you figure out how much money you need to save and what kind of lifestyle you can expect in retirement.
You don’t have a company retirement plan.
As a solo entrepreneur, you don’t have a company retirement plan as your employees might. You also don’t benefit from contributing to a superannuation fund, which most Australians have. This means you need to take a proactive approach to saving for retirement.
One way to do this is to consult with a retirement planner. A retirement planner can help you determine how much you need to save monthly or yearly to reach your retirement goals. They can also help you invest your money in the best way possible to grow your nest egg and reach your retirement goals sooner.
If you’re not sure whether or not you should consult with a retirement planner, here are three reasons why it may be a good idea for you to do so:
1. You Don’t Have A Company Retirement Plan
As we mentioned above, one of the most significant advantages of working with a retirement planner is that they can help you build up your savings if you don’t have a company retirement plan. If you’re self-employed or work for a small business that doesn’t offer a retirement savings plan, it’s essential to take matters into your own hands and start saving for retirement.
2.You Want To Invest In The Right Way
Another reason it may be a good idea to consult a retirement planner is if you’re not sure how to invest your money for retirement best. There are many different investment options, and it can be challenging to know which is right for you. A Retirement Planner can offer guidance on how best to invest your money to reach your goals sooner.
3.You’re Not Sure How Much You Need To Save
One of the most common questions about retirement is how much they need to save to enjoy a comfortable lifestyle in their golden years. This is where a Retirement Planner can help. They will consider factors like your current lifestyle, inflation, and how long you expect to live to come up with an estimate of how much money you’ll need to have saved by the time you retire.
You don’t have a financial advisor
There are a few key reasons why you should consult a retirement planner, even if you don’t have a financial advisor:
- A retirement planner can help you assess your current financial situation and develop a plan to improve it.
- A retirement planner can help you identify your goals and create a roadmap to reach them.
- A retirement planner can provide valuable insights and perspectives that you may not be able to get from a financial advisor.
- A retirement planner can help you stay accountable for your goals and keep you on track.
If you are a Australian proprietor, there are some specific reasons why you should consult a retirement planner:
- The Australian tax system is complex, and a retirement planner can help you maximize your savings.
- The cost of living in Australia is high, and a retirement planner can help ensure your savings will last throughout your retirement.
- Special rules and regulations often apply to Australian retirees, and a retirement planner can help you navigate these rules.
- Consulting with a retirement plan allows you to get professional guidance and support as you plan for your future.
You’re not sure how to invest your money
Like most people, you’re not sure how to invest your money. You may have a retirement plan through your employer, but you’re unsure how much to contribute or what kind of investments to make. A retirement planner can help you figure out how much you need to save and where to invest your money to reach your goals.
How a Retirement Planner Can Help
Regardless of how much you have in your superannuation, it’s always a good idea to have a solid plan for your retirement. A retirement planner can help you determine how much money you will need to retire comfortably and how to make the most of your superannuation.
They can help you set up a retirement plan
There are a few key things that a retirement planner can help you with when it comes to setting up your retirement plan. They can help you figure out how much money you will need to have saved to live comfortably in retirement, and they can also help you invest that money correctly.
They can also help you plan for unexpected expenses that might arise in retirements, such as medical bills or long-term care costs. And, if you are self-employed, they can help you set up a retirement plan that will allow you to keep contributing to your retirement savings even if your business doesn’t do well.
They can help you invest your money
A Retirement Planner can help you invest your money to give you the best return on investment. They can also help you plan by setting up a retirement account and contributing to it regularly.
They can help you plan for your retirement
An essential part of financial planning is ensuring you have enough for retirement. This can be a difficult task to undertake on your own, which is why many people choose to consult with a retirement planner.
A retirement planner can help you figure out how much you need to save based on your current lifestyle and financial situation. They can also guide how to invest your money best, so it will grow over time.
Several different Retirement Planners are available in Australia, so it is essential to do your research before choosing one to work with. Retirement Planners typically charge by the hour, so ask about their fees before making an appointment.
What to Look for in a Retirement Planner
When you are the only person in your business, finding the time to plan for your retirement can be challenging. This is why it is essential to consult a retirement planner. A retirement planner can help you set up the best retirement plan for your situation. Here are a few things to look for in a retirement planner.
They should be a fiduciary
A fiduciary is a person who is legally bound to act in your best interests. This means they are not allowed to make decisions that would benefit them instead of you. In other words, they must always put your interests before their own.
There are two types of financial advisors: fiduciaries and non-fiduciaries. Fiduciaries are held to a higher standard than non-fiduciaries because they have a legal obligation to always act in their best interests. Non-fiduciaries, on the other hand, are only required to make “suitable” recommendations, which means their advice may not always be in your best interests.
When looking for a retirement planner, it’s essential to choose someone who is a fiduciary. You can be confident that they will always have your best interests.
They should have experience with retirement planning.
When looking for a retirement planner, ensure they have plenty of experience in the field. You want someone who knows the ins and outs of retirement planning and can help you map out a plan that will work for you.
They should also be able to provide you with a range of options, depending on your circumstances. Every retirement is different, so you need a planner who can tailor their advice to your needs.
Additionally, they should be able to offer a holistic approach to retirement planning. This means looking at your financial situation, including your current income, investments, debts, and expenses. By taking a holistic approach, they can develop a plan to help you achieve your long-term financial goals.
They should be able to answer your questions
When you first start working with a retirement planner, they should be able to answer any questions you have about retirement planning. If they can’t answer your questions, they’re not the right retirement planner.
A good retirement planner will be able to answer questions about:
How much money you’ll need to retire
The best age to retire
How to invest your money for retirement
What kind of lifestyle can you expect in retirement
How to generate income in retirement
What government benefits you’re entitled to in retirement
What effect will inflation have on your retirement income
What effect rising healthcare costs will have on your retirement income
How long is your money likely to last in retirement
How to Find a Retirement Planner
There are a few things to consider before finding a retirement planner. The most important is making sure they are qualified and accredited. You want to ensure they have your best interests and are not just trying to sell you a product. You also want to find someone familiar with the Australian retirement system.
Ask your financial advisor
If you have a financial advisor, they may be able to help you find a retirement planner. Ask them for recommendations or if they know of any planners who specialize in working with proprietors.
You can also search for retirement planners online. Websites like the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have directories of financial planners that you can search by location and specialty.
Ask your friends and family
Your friends and family are excellent resources for finding a retirement planner. Talk to people you know who have retired or are close to retirement. Ask them about their experiences and whether they have any recommendations.
If you don’t know anyone who has retired, ask your financial advisor or accountant for a recommendation. They should be able to point you in the right direction.
Once you have a few names, do your research. Check out the websites of potential retirement planners and read any reviews or testimonials you can find. You should also call them to get a feel for their customer service and how they communicate.
Make sure you choose a retirement planner who is qualified and experienced. They should be able to provide you with references or case studies of past clients. And be sure to ask about fees upfront, so there are no surprises down the road.
There are many ways to find a retirement planner. The internet is a great place to start your search. You can use online directories to find retirement planners in your area. You can also read online reviews to understand what others have thought of the planners you are considering.
To learn more about how retirement planning works in Australia, visit Crest Accountants’ website: