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Investing strategies for retirement

Investing strategies for retirement

You can build a financial strategy at every stage of your life while keeping your lifestyle needs in mind.

With a good financial strategy in place for each life stage, every member of your family can build their wealth and protect their assets — while taking care of their lifestyle needs as they change. Here’s how each generation can get the balance right.

Easing into retirement 

Life goals

  • leaving the workforce
  • enjoying retirement
  • looking after your health
  • estate planning

Investment strategy

You've worked hard to build your savings and you're looking forward to a comfortable retirement. At this stage of your investment journey, earning a secure ongoing income from your investment is probably a higher priority than trying to grow your investments further. If this is the case, you might want to move away from shares and property towards defensive assets such as cash and fixed interest.

But of course, everyone's needs are different so this might not be the right strategy for you. Depending on your own financial goals you might prefer a less conservative investment approach - especially if you're counting on your investments to last the rest of your life.

Insurance needs

As you ease into retirement, your financial commitments might be winding down — especially if you’ve paid off your mortgage and your children have left home. This frees up your finances so you can instead focus on taking care of yourself.

Remember, your health care costs may become more expensive as you move through this life stage. So make sure your private health insurance covers everything you might need, but also check that you’re not paying for things you don’t, such as pregnancy-related services.

Although you may no longer need income protection cover, it may be worthwhile to hang onto your life, Total and Permanent Disability Cover (TPD) and trauma insurance. This will help make sure that if something happens to you, your loved ones will be financially protected, particularly if you have debts to manage.

If you’re thinking of updating your insurance arrangements, you can talk to a financial planner to discuss different types of cover and find out how much cover might be right for you.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As the advice on this page has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Pty Ltd ABN 65 003 900 169 AFSL 231139 a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (the Bank). Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Commonwealth Financial Planning, its related entities, agents and employees for any loss arising from reliance on this document.