What's Happening?
Approved Financial Planners, a financial advisory firm based in Perth, has introduced a new tool called the Retirement Readiness Checklist. This self-assessment tool is designed to help individuals evaluate their financial position and retirement goals from the comfort of their homes. The checklist aims to address the growing concerns about retirement preparedness, especially as Australians face economic challenges such as inflation, rising living costs, and mortgage debt. According to the firm, about 40% of Australians lack confidence in their retirement readiness, despite a general increase in optimism. The tool allows users to identify gaps in their current savings strategy and clarify their retirement lifestyle expectations. Daniel Stevens, Managing Director and Senior Financial Advisor at Approved Financial Planners, noted that 85% of clients who use the tool feel more confident when consulting with financial advisors, leading to more productive consultations and better outcomes.
Why It's Important?
The introduction of the Retirement Readiness Checklist is significant as it addresses a critical need for financial literacy and preparedness among Australians. With many individuals requiring 60-70% of their pre-retirement income to maintain their lifestyle, the tool provides a practical solution for those who may fall short of this benchmark. It highlights the importance of having multiple funding sources, such as superannuation, government pensions, and additional savings. The tool is particularly beneficial for individuals over 45 and pre-retirees, who can use it to accelerate their retirement savings as they face fewer financial pressures from family responsibilities and mortgages. By enhancing financial literacy and preparedness, the checklist could lead to more secure retirements for many Australians.
What's Next?
Approved Financial Planners will continue to offer personalized consultations and practical resources to guide individuals through their retirement planning. The firm operates throughout Western Australia and provides access to managed investment and superannuation funds from established investment managers. As more individuals use the Retirement Readiness Checklist, it is expected that there will be an increase in demand for financial advisory services, particularly among those seeking to optimize their retirement savings strategies. The firm may also expand its offerings to address other financial planning needs as economic conditions evolve.
