Preparing Financially for Retirement

Join Alexander Menzie, Certified Financial Planner and Adviser at Medical Financial Planning, for an insightful webinar on managing cashflow, deciding when to retire, and transitioning smoothly from full-time work. This session will cover superannuation strategies, smart investing, and practical ways to protect your financial future from unexpected risks. More information on these topics is provided below.
Cashflow – Creating my retirement lifestyle
Cashflow management provides the foundation for a successful financial experience, learning how to control money and not money control you. Whilst important for wealth accumulation, this is critical for retirees who by definition have less cashflow flexibility.

We will give you examples of the problems we see, as well as then explaining a simple technique to manage your
cashflow without the need to complete endless spreadsheets.

Smart decision making – When can I afford to retire?
One of the most common questions we are asked is ‘When can I afford to retire?’ Our experience has shown that due to the time taken in training, once doctors become consultants, they either want to retire as soon as possible or anticipate working well beyond the ‘typical retirement age’. We have subsequently found that those working beyond the ‘typical retirement age’ usually want to do this for lifestyle factors or to provide mentoring rather than due to financial necessity.

We will outline a framework for smart decision making, both with your finances and in your life, noting that often Emergency specialist’s views around retirement timeframes change (are brought forward) over time.

Transition to Retirement
As doctors approach retirement, it is not unusual for there to be a movement from full-time to part-time employment and then to formal retirement. For Emergency specialists, some of these decisions are made due to health concerns, others due to burnout or lifestyle objectives e.g. travelling whilst fit and healthy or to spend time with grandchildren.

We will walk through key questions to be considered as you approach this junction.

Is Superannuation still super?
We think so and will explain why and what you should be doing about it, including the benefits of various superannuation fund options and when each option might be appropriate. We will also look at ways to build tax- free retirement income and how to maximize your retirement cashflow.

Finally, we recognise that superannuation isn’t the only tool available for retirement income and will walk
through other structures and products that can also play a key role.

Investment tips and traps
Portfolio management in retirement needs to be approached in a very different manner than wealth accumulation. Retirees have the competing objectives of cashflow to maintain lifestyle and investment growth to protect against long-term inflation.

We will then run through our top tips for building a sustainable portfolio along with sharing our investmentphilosophy.

Protect what you create. What are the biggest risks to my comfortable retirement?
Unfortunately, all too often we hear about people who anticipated having a comfortable retirement only for an unforeseen event, whether it is markets, family health concerns or even children derailing these plans.

We will walk through steps you can take to mitigate these events and add security to your position.