What Elements Make Up a Successful Retirement Plan?


When it comes to retirement planning, it’s important to remember that by starting earlier, you have more time to ensure your financial strategies are on track to meeting your retirement goals. 

If your retirement is far away, it can be easy to forget about it and potentially leave planning to the last minute.

But with professional retirement planning, anything is possible including an early retirement.

The elements that make up a successful retirement plan can vary for each individual since everyone’s goals, personal circumstances and finances are different. However, there are some retirement planning essentials that may be worth discussing with a financial adviser.

The right plan should be designed to help you achieve your goals. Here are four common elements for you to consider when creating a retirement plan:


1 –  Setting Your Retirement Goals

Deciding what your retirement goals are may help provide you with an understanding of what financial strategies you may need to implement to help you achieve those specific goals. 

A retirement planner can help you identify what your goals are and what is important to you – both financially and personally. Also, they can ensure they are providing the right financial advice tailored to your needs and wants. 

Think about what kind of retirement lifestyle you want. Does your dream retirement involve:

  • Hobbies such as playing golf, going on fishing trips or gardening?
  • Travelling overseas?
  • Leaving a legacy for your loved ones?.


It’s important to regularly review your goals and plan how you will achieve them. If you find that you aren’t on track, that’s okay. You can make adjustments to get back on track with the help of a retirement planning financial adviser.


2 – Creating a Cash Flow Plan or Budget For Your Retirement

Once you are clear on your retirement goals, it’s important to understand how much money you will need to achieve those goals and fund your ideal retirement lifestyle. This can allow you to consider retirement income options and what options may work best for your circumstance.  

A cash flow plan or budget can include a breakdown of what expenses are included in your retirement goals and ideal lifestyle.

Once you have a clear understanding of your retirement expenses, you can then assess how much savings you will need and what income options may be useful to you.

A financial analysis of all your assets, liabilities, income and expenses as well as how you manage your cash flow, can put you on the right path to financial freedom for your retirement.

If you want to learn more about cash flow management for retirement, check out our blog: 

3 Reasons Why You Should Practice Personal Cash Flow Management.


3 – Maximising your Superannuation To Grow Your Retirement Savings

An important element of your retirement plan is tailored financial strategies that are going to help you build your savings and put you on the right track to achieving your dream retirement. 

If you are planning ahead, you may want to consider implementing valuable long-term superannuation strategies. This may include making voluntary super contributions each financial year and even seeing how you can adjust your superannuation investment strategy to ensure you are reaping high returns long-term. 

You may want to seek a financial adviser who can help you make informed decisions regarding maximising your super and ensuring your retirement savings are on track to achieving your goals.

Check out our guide to making super contributions and how you can make the most of your super here.


4 – Transitioning to Retirement with a TTR Financial Plan

Many people choose to transition to retirement slowly by working part-time or casual. This can be great for retirees who want to save a bit more or aren’t quite ready to finish working.  

By having a transition to retirement financial plan in writing detailing your goals and financial strategies, you can ensure that everything stays on track. This may make it easier for you to keep your eye on the big picture rather than becoming distracted by competing financial demands.

If you’re a small business owner looking to retire and exit your business, you may be entitled to small business capital gains tax (CGT) concessions and contribute some of the money into your super with beneficial tax implications. 

Your financial plan can be used as a roadmap to your retirement, which shows you all the steps to take to ensure a smooth transition to your golden years.  

By seeking professional advice from financial advisers, they can help you develop the best financial strategies tailored to your goals. They can also help you identify your needs, goals, and plan to help you achieve your dream retirement.


Are you seeking a retirement planner in Bowral or Sydney?

For retirement financial advice, Poole Advisory can help. We have over 20 years of experience advising and helping families, businesses, and high net wealth individuals put together a roadmap to where they would like to end up financially.

Contact us today!


Compliance Disclaimer:

This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns

Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917

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