Retirement Planning For High Income Earners
As someone who earns a high income, you’ve combined your natural abilities with the opportunities in front of you to fulfil your income potential. But earning a high income and making sure that income lasts you through to retirement and beyond are different animals.
Retirement should be a life stage that you look forward to and spend your days dreaming about – and if you’re a high earner, and smart about your money, then you may have the opportunity to set yourself up for an early retirement where you are able to maintain your current level of income, and your current lifestyle too.
People who earn a high income have unique retirement needs. Properly protecting your income with a combination of savings, investments, and wealth creation strategies will ensure your retirement dreams are secure. A retirement plan is the first step to achieving financial freedom.
Reach out to the financial experts at MyFuture for your no obligation FREE Discovery Session. We understand the implications of earning a high income and how to best manage your money to meet and exceed your retirement goals.
Retirement Planning For High Income Earners
Whether you’re just beginning your career or you’re a seasoned veteran, there are ample opportunities for you to make the most of your income while preparing for your dream retirement. Knowing where and how to invest your money means finding the sweet spot between risk and reward so you can reap the benefits of your hard work.
Planning for retirement can be a lifelong process, so we suggest that you:
- Start planning as early as possible
- Determine your ideal retirement age
- Picture your ideal lifestyle (to understand how much that lifestyle is going to cost)
- Explore your location options
- Evaluate your financial savings plan
- Adjust your finances as necessary to make your dream retirement a reality.
Understanding these factors when planning for retirement will ensure you’re better equipped to achieve the retirement lifestyle you want.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your goals with a tailored financial plan and proven financial expertise.
Retirement Planning Goals For High Income Earners
Are you ready to make the leap from a healthy income to a secure retirement? It starts with working out your retirement goals in order to build a roadmap to your future.
Whether you have more traditional retirement plans to live comfortably or if you have loftier goals of a luxurious lifestyle, your retirement goals are within reach. Whichever you prefer, we’ll help you put the plan in place to get there.
It’s important to ask yourself these questions when making a plan for retirement:
- How much income do you have or expect to have for retirement?
- When would you like to retire?
- Where do you want to live?
- What are you looking forward to?
- What lifestyle do you want for retirement?
- Do you intend to take any trips or make any large purchases?
- Do you want to continue working?
- Do you have any health concerns?
- What are your debts?
Once you’ve thought about how you intend to spend your retirement years, there are some more practical questions that will guide you in figuring out how much you need to save:
- How much do you normally spend from month to month?
- What is your life expectancy?
- How much money do you have saved?
- How long do you have to save and invest for retirement?
- What wealth building sources are available to you?
When Should I Consider Retirement Planning?
Start today! If you haven’t started planning for retirement, now is as good a time as any. The earlier you start, the more time you have to secure your future and achieve your dream retirement.
Retirement planning doesn’t have to mean making sacrifices when you’re young, but it does mean investing in your future. By understanding your finances, setting goals, saving, and investing, you’ll be well on your way to financial freedom regardless of your age. It can give you the freedom to spend time or money on what matters most and the confidence that your future is protected.
Retirement planning is not a rigid process. Instead, it means balancing your priorities and choosing how much you spend on the things you value most. Get in touch with the team at MyFuture today for a FREE no obligation Discovery Session to explore your options.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions