Start Financial Planning

You want to enjoy your retirement and the easiest way to achieve this is to plan for it carefully. Approaching retirement you’ll start to think of the following:

• How much money do I need in retirement?
• Will I have enough money in retirement?
• Can I afford to retire?
• What do I do when I reach retirement?

People are living longer in retirement so the sooner you get started the more likely you are to meet your retirement income needs. The longer you are in the market the longer your investments will be working for you.

Today you know where your income is coming from but do you know where it will come from in retirement? The money you live on in retirement will likely come from your super, a pension, personal savings/investments and or part-time work.

The standard rule is that in retirement you’ll need approximately 60% of your annual income that you earned before you retired. Think this is a lot? Well remember you’ll have more time to accomplish all the things you wanted to do before you retired and you’ll want to be able to afford them. The longer you spend in retirement the more money you’ll need.

Remember, a Government age pension will not replace the majority of your income in retirement and many people feel the future of our current system is uncertain. This is why your personal savings are becoming a more important part of the retirement equation.