Just turned 45?

Welcome to the ‘Consolidation Phase’.

Here’s how to boost your retirement plan.

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As you turn 45, it’s time to step up your retirement planning, build on your achievements, and prepare for the next stage of your financial journey. Read on to learn more about what to think about and do to achieve your goals.  
Ready to take closer look at your ‘big financial picture’ and map out the way forward? Here are three key areas to consider: 

1.

Your retirement goals: Determine what you want to achieve in retirement, from lifestyle goals to financial milestones. Do you have travel plans? Maybe a hobby you’d like to pick up again? Don’t forget to factor in your desired living arrangements and (potential) healthcare needs.

2.

Where you’re at right now: Use our Retirement Planning Check-up tool to evaluate if you’re on the right path to reach your goals. This will help you run your numbers and identify areas where adjustments may be needed to stay on target – including strategic changes to your KiwiSaver settings.

3.

Any gaps to address: Once you know where you’re at, you can find and plug gaps in your retirement plan to secure your financial future. For example, you may find that you need to accelerate your savings or lack a diversified portfolio. With about 20 years left until retirement, you have a valuable window of time to enhance your strategy and make the most of your savings potential.

Key things to think about

Ready to take closer look at your ‘big financial picture’ and map out the way forward? Here are three key areas to consider: 
Your retirement goals

1.

Your retirement goals: Determine what you want to achieve in retirement, from lifestyle goals to financial milestones. Do you have travel plans? Maybe a hobby you’d like to pick up again? Don’t forget to factor in your desired living arrangements and (potential) healthcare needs.
Where you're at

2.

Where you’re at right now: Use our Retirement Planning Check-up tool to evaluate if you’re on the right path to reach your goals. This will help you run your numbers and identify areas where adjustments may be needed to stay on target – including strategic changes to your KiwiSaver settings.
Gaps to address

3.

Any gaps to address: Once you know where you’re at, you can find and plug gaps in your retirement plan to secure your financial future. For example, you may find that you need to accelerate your savings or lack a diversified portfolio. With about 20 years left until retirement, you have a valuable window of time to enhance your strategy and make the most of your savings potential.
Retirement may still feel far away, but the reality is – time flies. Your golden years will gradually approach you before you know it, so it’s important to take action early, rather than sitting on the sidelines. 
Here are some key steps you can take at 45, to boost your retirement plans:

1.

Reasses your risk profile: Make sure that your investment strategy aligns with your risk tolerance. Take our Risk Profile Quiz to find out if your risk profile has changed and adjust your investment portfolio if needed.

2.

Accelerate mortgage repayment: If you have a mortgage, consider paying it down faster (if you can afford it) by making extra repayments or refinancing to a shorter loan term. This means you can reduce your overall costs, with the added benefit of freeing up more funds for retirement planning.

3.

Diversify your investments: Like to strengthen your financial future? Then diversification is key. Consider investing in a range of asset classes to build a well-diversified investment portfolio, so that you can spread risk and minimise the impact of market volatility.

4.

Diversify your future income sources: Having multiple sources of retirement income is another way to avoid putting “all eggs in one basket”. At this stage, you have time to expand your options and reduce the impact of market and inflation risks on your retirement savings.

5.

Review your plan once a year: Make it a habit to review your financial situation and retirement plan each year. This allows you to make any necessary adjustments in response to changes in your personal circumstances, goals, or market conditions.

Next steps to take

Retirement may still feel far away, but the reality is – time flies. Your golden years will gradually approach you before you know it, so it’s important to take action early, rather than sitting on the sidelines. 
Here are some key steps you can take at 45, to boost your retirement plans:
Your risk profile

1.

Reasses your risk profile: Make sure that your investment strategy aligns with your risk tolerance. Take our Risk Profile Quiz to find out if your risk profile has changed and adjust your investment portfolio if needed.
Mortgage repayments

2.

Accelerate mortgage repayment: If you have a mortgage, consider paying it down faster (if you can afford it) by making extra repayments or refinancing to a shorter loan term. This means you can reduce your overall costs, with the added benefit of freeing up more funds for retirement planning.
Your investments

3.

Diversify your investments: Like to strengthen your financial future? Then diversification is key. Consider investing in a range of asset classes to build a well-diversified investment portfolio, so that you can spread risk and minimise the impact of market volatility.
Your future income

4.

Diversify your future income sources: Having multiple sources of retirement income is another way to avoid putting “all eggs in one basket”. At this stage, you have time to expand your options and reduce the impact of market and inflation risks on your retirement savings.
Reviewing your plan

5.

Review your plan once a year: Make it a habit to review your financial situation and retirement plan each year. This allows you to make any necessary adjustments in response to changes in your personal circumstances, goals, or market conditions.
Take action today and set yourself up for a comfortable, fulfilling retirement. Not quite sure where to start? Get in touch – as financial advisers, we can help ensure that your plans are optimised for your unique needs and goals. 

Help is at hand

A quick KiwiSaver-question? We're here to help. Is it time to take a good look at your financial plan? We can help there too. From simple queries through to advice for retirement, investment, and financial planning, we welcome you to get in touch.

Help is at hand

A quick KiwiSaver-question? We're here to help. Is it time to take a good look at your financial plan? We can help there too. From simple queries through to advice for retirement, investment, and financial planning, we welcome you to get in touch.

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