In Australia, a retiree is generally considered to be an individual who has reached the age of retirement and has either fully or partially exited the workforce. In 2023, the retirement age was gradually increased to 67 under new government legislation, however, many Australians choose to retire earlier or later based on their personal circumstances, financial readiness, and lifestyle preferences.
Retirees typically rely on sources of income such as a super fund (Australia’s compulsory retirement savings system), pensions, personal savings, and government benefits to fund their living expenses during retirement. However, there are other possible ways of generating retirement income, such as investments, which a financial adviser can help you with.
At Solace Financial, we understand that retirement requires careful financial planning and personalised strategies to ensure a comfortable and secure future, and we’re committed to helping you navigate the transition into retirement with confidence and peace of mind.
Our approach begins with in-depth discussions that help us gain an understanding of your unique aspirations, lifestyle preferences, and financial objectives. By gaining these insights, we’re able to tailor our strategies to align with your retirement vision, whether it’s travelling the world, supporting family, or pursuing your hobbies.
Enquire NowWe’ll then draw upon our experience in retirement planning to create a customised strategy designed to optimise your financial resources and make achieving your desired lifestyle possible. This involves a comprehensive analysis of your financial situation, income sources, investment portfolios, risk tolerance, and estate planning needs. Learn more about our retirement planning services.
Enquire NowWith your personalised strategy in place, we’ll start taking action to build and preserve your wealth during retirement. This may involve optimising your investments, maximising existing retirement income streams, and minimising your tax liabilities.
Enquire NowWe’ll also conduct regular monitoring and reviews of your financial plan, staying proactive in identifying any necessary adjustments or opportunities for optimisation. Whether it’s revisiting initial allocations, updating estate plans, or adjust withdrawal strategies, we’ll ensure your financial plan remains aligned with your evolving needs and goals.
Enquire NowAs you transition from the workforce into retirement, you’ll find yourself faced with a set of brand new challenges. However, with the assistance of a licensed financial adviser, overcoming these challenges can be much smoother.
Here are some common challenges retirees face and how a financial adviser can help you navigate them.
One of the biggest challenges for newly retired people is ensuring you have a steady stream of income available to cover your living expenses. A financial adviser can help with this by developing sustainable withdrawal strategies from your retirement accounts, such as your super fund and pensions while balancing income needs with investment growth to maintain long-term financial security.
As a retiree, you may also find it challenging to find a balance between preserving and growing wealth while minimising risk. With expertise in asset allocation, a financial adviser will guide you towards diversified portfolio options that are aligned with your risk tolerance and retirement goals, as well as help navigate volatile markets and adjust strategies as needed.
Life is unpredictable, even in retirement, and unexpected expenses, health-related costs, and changes in family dynamics can massively disrupt your retirement plans. A financial adviser will asses you in establishing contingency funds and insurance, which covers things you didn’t see coming. Likewise, they’ll provide comprehensive financial advice and guidance on estate planning, ensuring your assets are protected and transferred efficiently according to your wishes.
Retirement doesn’t mean that you’re exempt from paying taxes, and you’ll now face new things, such as the taxation of your retirement account withdrawals, investment income, and potential capital gains. By employing the services of a financial adviser, you’ll be offered tax-efficient strategies that minimise your tax liabilities, such as leveraging tax-deferred accounts, implementing income-splitting techniques, and optimising deductions. All of this means you’re able to maximise your after-tax income and preserve your wealth during retirement.
EXCELLENT23 reviews on
Jo Crawford-Bryde2023-09-27I recently met with my financial advisor Scott Quinlan to discuss proposed plans for retirement. As always, Scott was able to set out the information, processes and options in a clear and easily understood manner. Aside from the clear and sound financial advice, what most impressed with was the time that Scott took to actually talk to me about my readiness to retire. To check that I was mentally ready to enter this next phase and transition from work. I came away from the meeting feeling valued and reaffirmed that this was the right time as all of the issues I had been pondering were discussed openly. I cannot recommend Scott highly enough. He has been a valued advisor of myself and my husband for over 15 years and his management of our retirement funds has placed in a great financial position.
KEVIN BRAY2023-08-30My Wife and I started with Scott when he was with Whittaker Macnaught and have been with him to this day. We are now retired, and self funded thanks to Scott and Solace Financial. Kevin & Lorraine Bray. 👍👌
Gary Rigg2023-08-24Scott and his team take the time to understand what your goals and needs are and then provide an ongoing service to achieve those goals in a friendly, professional and committed manner.
Lois Jewell2023-08-24Scott and the team at Solace Financial are magnificent. We came to them in a quite a mess after the GFC, and they have confidently guided us to a stronger financial position with an investment strategy aligned with our risk profile and life goals.
Richard Dart2023-08-23We have been with Scott Quinlan and his team at Solace Financial every since they emerged from Whittaker Macnaught over 10 years ago. Their advice and service has been outstanding and we would highly recommend them to any future investor.
Kevin Goos2023-08-23Scott has looked after our finances for many years and we have absolute trust in his expertise and judgment. Thanks to his sage advice, we are well set up for a comfortable retirement. He’s such a terrific person and has wonderful people skills. Very highly recommended for anyone looking for sensible advice and strategising to achieve your long term financial and lifestyle goals.
Bronwyn C2023-08-22Scott Quinlan at Solace Financial has been advising me since 2017. Scott actively manages your investment and he thinks about it through the lens of your individual needs. Scott's support staff, in particular his EA Mel, are quick and efficient in attending to the daily management of his client portfolios.
Sarah Day2023-07-31Steve has been my financial advisor for years and he has always been there for me for advice and assistance. Steve’s advice is always amazing and he is so considerate and generous with his time. Thank you Steve!
Principal / Financial Adviser
Masters of Financial Planning
Bachelor of Commerce
CFP®
P (07) 3106 3114 | F (07) 3106 3100
scottq@solacefinancial.com.au
www.solacefinancial.com.au
Principal / Financial Adviser
Bachelor of Commerce
CFP®
P (07) 3106 3113 | F (07) 3106 3100
M 0418 155175
stephenh@solacefinancial.com.au
www.solacefinancial.com.au
Principal / Financial Adviser
Masters of Financial Planning
AFP®
P (07) 3106 3112 | F (07) 3106 3100
giles@solacefinancial.com.au
www.solacefinancial.com.au
Discover more about Giles
One of the main benefits you’ll get from working with a financial adviser once you’ve retired is personalised guidance & ongoing advice on achieving your financial goals in line with your risk tolerance. With expertise in retirement planning, our planners have years of experience in helping retirees navigate complex decisions surrounding retirement income, investment strategies, and tax optimisation, ensuring you get long-term financial security and can enjoy your retirement exactly as you want.
You’re also offered peace of mind that your investments and finances are being looked after by a financial adviser, who will proactively monitor and adjust your plans and strategies in response to changing economic conditions or personal circumstances.
Put simply, we serve as trusted advisers who offer support and reassurance throughout your retirement journey, empowering you to make informed decisions while keeping your best interests at heart and ensuring you’re able to enjoy a fulfilling retirement without the stress of financial uncertainty.
Start planning your retirement by contacting us today to book a consultation. Or, if you prefer, complete our financial analysis form, and we’ll get in touch. Getting on the path to the relaxing retirement you deserve has never been easier!
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