Who is Considered a Retiree in Australia?

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.

Our Approach to Working with Retirees

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.

Discuss Personal & Financial Goals

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 Now

Outline a Tailored Strategy

We’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 Now

Take Action & Build Wealth

With 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 Now

Remain Proactive with Frequent Reviews & Adjustments as Required

We’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 Now

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 Now

We’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 Now

With 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 Now

We’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 Now

Common Challenges for Retirees

As 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.

Managing Retirement Income

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.

Navigating Investment Options

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.

Contingency Planning

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.

Managing Tax Implications

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.

What Our Clients Think of Us…

Experienced Team of Financial Advisers

scott quinlan 2023

Scott Quinlan

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

Discover more about scott
Stephen Horton FINANCIAL ADVISER

Stephen Horton

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

Discover more about Stephen
Giles Stratford FINANCIAL ADVISER

Giles Stratford

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

Joel Carty

Financial Planner
Certified Financial Planner – CFP®            
Master of Financial Planning – MFP
Chartered Tax Adviser – CTA
P (07) 3106 3106 | F (07) 3106 3100
joelc@solacefinancial.com.au
www.solacefinancial.com.au

 

Discover more about Joel
The Solace Financial Team outside Solice Financial House in Brisbane

What Are the Benefits of Working With a Financial Planner as a Retiree?

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.

Take the first step to getting the right financial advice & building your ideal financial future

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!

book a consultation

Book A Consultation

    Your Name (required)

    Your Email (required)

    Your Phone (required)

    If you have been referred to a specific adviser, please let us know here.

    Subject

    Your Message

    Security Question: