Dreaming of retirement? Start planning today.
Retirement isn’t what it used to be. Australians are living longer, healthier and more active lives in retirement.
How will you choose how to spend your time?
What will your first day of retirement look like? Have you considered how you’ll fund the lifestyle you’re dreaming of? While you’re still working, you may have more flexibility to make changes and more opportunity to boost your retirement savings.
There’s a lot to think about when planning your retirement.
For many people, their big concerns are whether they’ll be able to maintain their lifestyle, and if they’ll have enough money. But before you can answer those questions you’ll need to understand what retirement may look like for you.
- What type of lifestyle do you want in retirement?
- How will you spend your time? How will your partner spend theirs?
- Are there any ‘must haves’ on your dream list?
- When you’re not working do you expect your living costs to go up or down?
- Have you estimated how much you’ll need a week to live on?
- Be honest with your finances. Take a good look – will you have enough?
- Are there things you can be doing today that will boost your retirement savings?
- How will you manage your transition to retirement?
The sooner you start planning the better chance you have of getting the retirement lifestyle you want.
Do you know your retirement number?
Do you know how much you need to live the retirement you want? If the answer is no – you’re not alone.
Many people don’t know how long their money will last or how much money they’ll need to live the lifestyle they want.
Depending on what your stage of life is; a long way off retirement, close to retirement or already retired, retirement will hold a different level of importance.
Here we look at how you can maximise your income in retirement, whether you’re:
Retirement still more than 10 years away
Retirement can seem irrelevant when you’re in your 30s or 40s. There are so many other things you can do with your money – go overseas, buy a house, raise a family, or just have fun.
However, according to research by the Investment and Financial Services Association (IFSA)1, the Age Pension won’t be nearly enough to fund the lifestyle we’d like when we’re no longer working. So the best thing to do is to start saving now.