Retirement is a time for relaxing, seeing family and friends as well as enjoying your favourite pursuits. It should also be a time we all look forward to in life. Planning for retirement is something you should start thinking about quite early on in your career. The general guide is to start saving as early as your 20s in order to ensure you have enough money to live on and sustain the type of lifestyle you are aiming for later on. Retirement is a major change in your life and planning for your nest egg should be a high priority.
A common question is where could you invest throughout your working life in order to provide for retirement?
There are many different types of investments that may work for you which could be
* Property investment
* Stocks and shares
* Super investment
* Managed funds
Get on top of your finances by finding out
* What assets (property, stocks, investments) you have and how much they are worth
* How much super you have and when you can access it
* What debts do you currently have and when will they be settled
* How much in savings you have and what the interest is
* When you can apply for the age pension and whether you are likely to be eligible
It is also important to consider how your needs might change over time. For example, retirement is a great time to pick up a new hobby or do some travelling. You may wish to redecorate your home or move to a different area. Planning for these possibilities will allow you to estimate the type of retirement income you are aiming for.
Not sure where to start? View our video on retirement savings and understand how long your retirement savings could last you:
For more information, talk to one of our friendly financial advisers at Anne Street Partners today on 135 444