Personalised Pre Retirement Planning

If you are currently in your 50s, retirement is no longer a vague prospect but soon a reality that you need to face.

During the years before you stop working, you need to organise your expenses, changes in the cash flow, and revenue streams that you need to support your chosen lifestyle.

TENX Wealth Australia has a team of financial planners and investment advisors who have the expertise and experience in helping pre-retirees develop and execute tailored financial strategies.

Property As Source of Income for Pre-Retirees

Yes, your timeframe is shorter for most investments if you are closer to your retirement age.

However, there are still a lot of opportunities for older investors, especially in real estate.

Many Australian retirees are into rental properties that allow them to receive regular income and enjoy possible equity growth in the next 10 to 20 years. 

To know more about your options, you need a sound investment plan to ensure that your portfolio can help you prepare for your financial requirements once you stop working. 

Know the Risks of Investing in Property During Retirement

Property investments can help you during retirement, but it also has its possible downsides such as the following:

  • Needs capital to purchase properties
  • Requires work in managing the rental property
  • Requires special knowledge and skills
  • Real estate has low liquidity, which means it may take months or even years before you can sell your home

Learn more about these investment risks through a free session with a professional investment advisor.

Before You Spend Your Retirement Fund

Hold off spending your nest egg on any type of investment without first consulting professional advice.

Careful planning is crucial to make sure that you can spend your retirement years in comfort.

It is best to work with a professional advisor who can help you develop and execute a retirement investment plan that is tailored fit to your needs. 

Frequently Asked Questions

How can I build wealth in my 50s?

Wealth-building in your 50s is more oriented towards retirement. At this age, you should have an aggressive portfolio, enough savings, minimal debt and a lifestyle that is comfortable but not too grand.

Still, building your wealth is still far from over. And there are still a lot of opportunities that you can try to ensure that you’ll spend your retirement in comfort and style such as:

  • Making sure you have enough emergency fund reserves
  • Getting enough medical and life insurance coverage
  • Eliminating bad debt and focusing on leverage
  • Saving enough for a holiday when you stop working
  • Maximising your superannuation
  • Investing more on more stable instruments like real estate
  • Minimising investments in highly volatile markets like stock market 

What does a retirement advisor do?

A retirement advisor can help you come up with an overall plan to make sure that your life will be comfortable after you stop working.

Once your retirement plan has been established, your advisor will work with you regularly to update you and keep track of your fund and investments.

While there are proven strategies for retirees, there’s no one-size-fits-all retirement plan so it is best to work with an advisor to assess your individual needs. 

Can you retire with $2 million in Australia?

Retiring with $2 million as a nest egg can be enough for some people but not for everyone.

Some research reveals that this amount may last around 30 to 35 years in retirement if you only use it for basic needs and not for luxury.

To make ends meet, some retirees choose to invest a part of their retirement fund in instruments that will allow them to earn recurring income such as rental properties.

What is the net worth to be considered wealthy?

Based on a survey published by the Australian Bureau of Statistics (ABS), you need at least $3.2 million as your net worth to be considered part of the top 20% in Australia.

Most of this wealth is composed of home equity and significant investment in superannuation. 

How much does a retirement advisor cost?

The cost of hiring a retirement advisor largely depends on the fee structure they are using with their clients.

Retirement investment advisors who are charging fixed rates may cost between $1800 and $6,500 a year, while the cost of professionals that are charging a percentage of your account balance (normally 0.25% to 1% per annum) will vary based on the value of your fund.

For instance, if you invest $20,000 with a retirement advisor who charges a 0.50% fee, you need to pay $100 per annum. 

Talk to a Property Investment Advisor Today 

TENX Wealth has a team of property investment advisors who can help you come up with a retirement plan that is most suitable to your goals and personal circumstances.