As the prospect of retirement looms on the horizon, many individuals find themselves grappling with a mix of excitement and apprehension.
The Times sat down with Fencible Law director Richard Galbraith and senior associate Alison Walmsley to hear their ideas about preparing for a comfortable and secure retirement.
Get your legal ducks in a row
One of the most crucial steps in retirement planning is to ensure your legal affairs are in order.
“Many people don’t do it because they think it’s going to be expensive to organise your will and enduring powers of attorney,” says Galbraith.
The lack of clarity in legal matters can lead to family discord and complications later down the track.
“By addressing these legal aspects, you can pave the way for a comfortable retirement,” he says.
Know your finances
Retirement requires a solid understanding of your financial situation.
“It’s crucial to determine how much you’ve saved and what kind of lifestyle you aspire to have,” says Walmsley.
Websites like sorted.org.nz can be helpful resources to assist you in financial planning.
Start planning early
“Don’t put your head in the sand and just think everything will be alright,” Galbraith says.
Galbraith says you should start planning out your retirement around five years before you retire.
“Possibly the best and most usual time is when your kids have become financially independent themselves,” he says.
Weigh up where you want to live
The decision of where to live during retirement is significant.
While retirement villages offer security and companionship, they might not be an affordable choice for everyone.
“What we’ve seen is an explosion of prices going into retirement villages,” says Galbraith.
Walmsley adds that many retirement villages only accept people over the age of 70.
“It’s a very personal choice dependent on what facilities you would like when you retire,” she says.
Visit your local law firm
Involving a local family lawyer is highly recommended during the retirement planning process.
Lawyers can guide you through the complex legal aspects and provide crucial advice.
They also ensure that you fully comprehend the contracts involved in retirement villages and other arrangements.
Galbraith emphasises the importance of seeking legal counsel, especially if you own property, as it will be needed sooner or later.
