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Do you know how much money you will really need for the rest of your life?

Do you know how much money you will really need for the rest of your life?

What is your answer to the following questions?

  • Can I retire as intended?
  • Do I have enough money?
  • How long will my money last?

As life expectancy has and will continue to increase, it is very important to know the answers to these questions and have a solution for each of these questions.What we really want to conclude is whether this property or properties will provide me with the retirement income I need and is it sustainable and what would be an alternative or what works in conjunction with my properties?

svetlanaAccording to Independent Financial Planner Svetlana Vrzovski, most people who only hold one or two properties are faced with an situation where the rent or the rent after expenses (and sometimes unexpected expenses) is not sufficient to maintain their lifestyle. To establish where you are at, Svetlana suggests that you take the quick initial asset self assessment test below.

Your initial asset or financial health check self assessment.

Do a summary of your assets, loans and your living expense plus allocate a budget for things you want to do in retirement.

In addition is there anything else to consider?

  • What returns will you receive from your assets and is this enough to keep pace with inflation?
  • What would you receive from alternate options and what are the tax implications?
  • Will your property and other assets be able to provide you with the retirement lifestyle you want?

If the answer is NO, you should consult an expert to look at your options.In some cases it is a good idea to retain your properties and in other cases it may be best to sell and restructure you asset holdings. You may also be pleasantly surprised what the outcome is.

You should check your asset status whenever there are major changes to your life or circumstances that directly or indirectly effect your income, such as:

A new job

  • Loss of income (such as redundancy)
  • Having a new child

Ideally this should be done well before retirement so that you can optimise your choices and create a plan to achieve your retirement dreams, avoiding disappointing surprises.Strategic Prosperity Group take the guesswork out of this equation and provides all these answers to you. Their initial chat is always free and you will always walk out with some golden nuggets of valuable information.

To book your first free and completely obligation free consultation with Strategic Prosperity Group, please call 08 9445 9555 or click here

 

 

 

Rasmus
Rasmus Nielsen is a Perth based real estate specialist. When not helping his clients buying and selling properties Rasmus is kept busy with his young family and occasionally can be found playing a game of golf (usually in the rough). For more info view his profile here

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