Preparing for Retirement
In the 1930s, the average Australian worked from 16 to 65, life expectancy was 63. The average person could spend 100% of their income as they earned it, not needing to worry about funding their retirement years.
By the 1970s, we started work a bit later at 20 and retired at 62, with a life expectancy of 71. Each year of work needed to additionally pay for 3 months in retirement.
Now we work from 23 on average, and retire at 58, with a life expectancy of 82. Each year of work now needs to additionally pay for 8 months in retirement.
Today, more than ever before, it is important to think about and prepare for retirement to ensure you are able to live comfortably.
The key issues for consideration are:
How much money do you need?
What benefits are you entitled to from Centrelink and when?
What is superannuation and how can it be used in retirement?
Will you have enough saved to fund your desired lifestyle in retirement?
What can be done now to fill any retirement gaps?
As an experienced financial adviser without an allegiance to any particular superannuation, investment or funding source, I invite you to find out about the various strategies available to help you further build your wealth prior to retirement to ensure that you have the income flow you require.
Book a call to discuss your free, no obligation financial proposal