Retirement planning

What does "financial planning" mean?

We all plan things such as holidays, weekends, and get-togethers with family and friends. We keep an eye on our health by visiting our doctor and dentist. Yet how much planning and forward thinking do we provide for our finances on retirement? We work hard for our money and we should make sure that it works hard for us. Financial planning is all about getting the most out of our money. As a member of the Scheme, you have access to financial planners dedicated to help you plan for retirement. We help you look at how to get the best income, how to minimise tax and, when appropriate, how to maximise social security entitlements.

Four easy steps to planning a secure future in retirement:

Step 1: Assess	Step 2: Plan
Everyone is different and their family and circumstances are different. This is why the first step of financial planning is to actually meet with your planner and talk over your situation. This process will involve collecting information about you and your financial situation including superannuation. This is an opportunity to discuss your needs and objectives and develop an understanding of your investment risk profile, the different investment options available and the characteristics of the different asset classes. During this meeting your financial planner will also talk to you about your estate planning arrangements, discuss investment strategies and explain the benefits and possible risks involved, to ensure that you understand them.	If you are close to retirement, your planner may prepare a financial plan specifically for you, based on the information you have provided at the first meeting. This will show you how to arrange your superannuation and any other available funds, in order to provide the best possible outcome to support your desired lifestyle in retirement.
Step 3: Implement	Step 4: Flexibility
After you receive your financial plan you will have plenty of time to ask questions and go through it with your planner. Changes can be made – it’s your plan. Once you are comfortable with it and ready to retire, your financial planner will then assist you to complete all the necessary paperwork and make all the required arrangements.	Change is one of the certainties of life, so we will maintain contact with you throughout your retirement. We will ensure that your plan remains relevant and will make any adjustments necessary so it remains tailored just for you. Financial planning is a partnership that continues, even when you have retired. We will always be there to help.

How much does this cost?

As a member of Local Government Super, you have access to advisory services at no extra cost.

What do I do next?

Please call Member Services on 1300 LGSUPER (1300 547 873) and tell us if you want information about:

• Planning for retirement
• Preparing for a redundancy
• Wealth creation
• An Account-Based Pension (formerly Allocated Pension)
• Rollovers
• Investment strategies
• Insurance
• Transtion to retirement (Accumulation scheme, Retirement Scheme)