January 2000 Volume 81 Number 1 "serving the protectors"
Police Credit Union

Smart Saving - Retirement

ith forethought and careful planning, easing ourselves into retirement should be a financially simple matter.

However, it is often overwhelming for potential retirees, faced with extremely large sums of money from their superannuation, to make informed decisions about their financial futures.

Many financial institutions offer the benefits of in-house financial advisers who run informative superannuation seminars. These trained professionals can offer objective advice with regard to the investment of your funds to make your future secure.

At this stage of your life, it is probably best to completely organize your financial affairs.

Although many of us have an aversion to making a will, it is important to do so to ensure your final wishes are adhered to. Update your will to reflect your current circumstances.

A previous will may be invalid through, for example, subsequent divorce or marriage. Make sure the executors of your will have a copy, or at least know where one is filed. If you were to die intestate, it is up to the various government bodies to oversee the disbursement of your assets. This can often be a long and drawn-out process, and your estate may not be divided as you wished.

In addition, your will contains instructions for your funeral. Perhaps a prepaid funeral plan should be a consideration, as it will alleviate the burden on your family at that time.

Once these matters are finalized it is time to make the most of your retirement.

Many financial institutions offer special accounts designed for retirees. These accounts offer an interest rate which reflects the government deeming rate, and interest is calculated daily and may be credited to the account monthly.

With card and cheque book access, your funds would always be at call 24 hours a day.

Although retirement may appear daunting, with the help and guidance of your preferred financial institution, your financial future will be guaranteed.

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