TIPS FOR A HEALTHY AND PROSPEROUS RETIREMENT

• Start to plan for retirement when you are young - research suggests that the longer you prepare for retirement the happier it's likely to be.
  
  
• Form an association with a reputable independent financial adviser as soon as it is financially possible. That way, if the adviser is not right for you you'll find out sooner - rather than later.
  
  
• Appreciate the importance of compound interest. The earlier you start investing, the less you have to find each month for your retirement investment program.
  
  
• Both your body and your mind will stay in better shape if you
  keep using them. Remember, 'use it or lose it'.
  List your assets so your family will find it easier to administer your estate. Whittaker Macnaught has forms available for this purpose.
  
  
• Make sure you give a trusted friend or relative an enduring Power of Attorney.
  
  
• When you are young, have the bulk of your assets in growth investments to take advantage of better long-term returns. As you near retirement, change your investment mix to a more conservative one.
  
  
• Don't try and make up for lost time by undertaking large aggressive negative gearing strategies as you near retirement.
  
  
• Maximise the amount you have in superannuation before you retire. This way you can enjoy the tax benefits of allocated pensions and annuities.
  
  
• Make sure you have a current will. This will enable you to retain control over the allocation of your hard-earned assets.
  
  
• Beware of giving guarantees. You may lose all your money if a guarantee is called upon.
  If you believe you will be eligible for social security benefits, discuss it with your adviser at least five years before you retire.
  

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