It is a question we get asked a lot here at Anne Street Partners. There is no exact science or right answer. Generally, the earlier the better! But it is not always something that is in the forefront of your mind as a young adult- especially when travelling or socialising is a key thing to do at this age.
Building wealth and planning for retirement shouldn’t be seen as a scary or daunting thing to do. Once it is organised, it can be easily managed and looked after. The most important thing is just to do it – once the process is started it is much easier.
The team at Anne Street Partners have a few tips to help navigate through pension planning!
- When you start a new job, find out about the company’s pension scheme. Superannuation is one element, but often a company will have further incentives to this.
- Consider whether Superannuation will be enough for you in retirement. It is wise to not just rely on one revenue stream, but look to build wealth in other areas.
- Rather than allowing money to slowly gain interest in the bank, think about investing it in property, shares, bonds or even a business that makes you money each month.
- Speak to family and friends, gain their knowledge and see what they do to save and build wealth for retirement each month.
If you are thinking about pension planning give us a call and speak to one of our team! We can help you plan out your finances and get the most from your retirement.. however long away that may be.