Sunday, 14 July 2013

The 5 People Key to Your Successful Retirement

The decision to retire is not necessarily an easy one. There are many critical decisions to be made pre and post retirement in order to meet the challenge of living well in retirement. 

The good news is that you do not have to make these decisions alone or uninformed - there are 5 people whose skills and expertise will be key to your living well in retirement!

The 5 people are your

  • doctor
  • dentist
  • chemist
  • accountant
  • financial planner.

Take the time to find good ones! 

The first three - your doctor, dentist and chemist will help you to live the healthiest life possible, assist you with addressing health issues and monitor your wellbeing. The last two will be key to managing your financial situation, ensuring that you make the most of your finances and take advantage of any government entitlements for which you may qualify.

Your Doctor

Your doctor will work with you to manage health issues - minor and major. You have time now to have regular check ups, ensure you have flu shots, and put effort into addressing and managing health issues like obesity and overweight, diabetes, high blood pressure and giving up smoking. 

Your quality of life will sky rocket as a result! You deserve that! Live well!

Your Dentist

If you are like many people - including me - you may have avoided regular visits to the dentist. Find a great dentist! They will diagnose, prevent and treat various diseases and conditions that affect our teeth and mouth - and overall health. 

Did you know that scientific evidence strongly suggests that poor oral health is linked to heart disease? Bacteria in your mouth can cause gum disease which in turn can put you at increased risk of heart disease. 

From my perspective - as someone who was previously terrified of dentists (sorry to any dentists out there) - treatments seem to have changed and improved remarkably in recent times to a point where I have overcome my fear of those six monthly check ups! Make that appointment right now!

Your Chemist

Why did I include your chemist you may be wondering? It's simple really - your chemist is in a position to monitor your medications in a way that your doctor is not. 

If you are being treated for a number of health issues and seeing more than one doctor or medical specialist each will be prescribing medications for the particular condition you are presenting to them with. One important area of your chemist's expertise is to understand and analyse how any medications you may be prescribed may interact with each other. 

Ask your chemist to review your medications and how they might be working together! They are in a position to talk to doctors if the case may be. Use them!

Your Financial Planner

Your financial planner will develop strategies to help you manage your financial affairs in a way that meets your life goals. 

Choosing the right financial planner is critical. They need to put your interests first - not the products for which they may be earning a great deal of commission. To get the best advice road test a few - we met with  five different financial planners before choosing one that was the best fit for us. Most offer a first obligation free visit. Provide the same information and ask the same questions of each - then choose wisely!

Importantly, never be rushed into or commit to a plan you don't understand or have some questions/uneasy feelings about. If it sounds too good to be true - BEWARE!

Your Accountant

Your accountant is key to assisting you building wealth. They have specialist knowledge in areas of taxation, taxation management and capital gains as well as compliance, succession planning and business structure analysis. 

In addition to managing our taxation and providing answers to our many financial questions we use the skills and expertise of our accountant - who works for a separate company - to peruse the work of our financial planner. This has left us feeling confident regarding the long and short term strategies our financial planner has developed for us - he has been very good indeed!

A last piece of advice! 

Use these key people and their expertise, but remain in charge - it's your money, your health, your retirement! So ensure that you
  • Schedule regular meetings with each - every 3 to 6 months is ideal - that keeps you in charge and on top of things.
  • Find professionals with whom you can develop a strong, positive and honest rapport.
  • Question, question, question! Ask questions like 'Why this and not that?' 'Can you explain...?'
  • Keep learning - it's a lifelong thing! Develop and continue to fine tune your own financial and health literacies.  
With each of these professionals working for you you should find yourself very much able to to meet the challenge of living well in retirement.

Enjoy every minute!

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