Do you need to plan for your retirement?
Longer life expectancy is creating difficulties when it comes to navigating the financial and emotional realities of retirement. With the developments of modern medicine and technologies, life expectancy is changing. In fact, an Australian today who is over the age of 65 is likely to live well into their 90s!
With longer life expectancies, most retirees can’t afford to stay on autopilot with their retirement – there’s a growing number concerned about running out of money as they age. While Australia has one of the best pension systems in the world, it’s not enough to handle the ongoing financial needs of people living longer and longer.
In 2017, a total of 5,770 senior Australians were surveyed. The average age was 68 and a majority (55%) were female. Overall:
- 84% want regular income
- 77% want to ensure their savings last a lifetime
- 71% want to be able to afford aged care and medical costs
- 1/3 will accept less growth if their income is reliable
- Median super balances for the households were just over $300,000. The industry standard recommends $640,000 for a comfortable retirement.
- 59% of these seniors rely on financial advisers and refer to their adviser as the number one source of information for retirement.
While you may not be at retirement age yet, it’s important to start thinking about how you’ll fund your retirement and what goals you have that will need to be planned for.
So, do you need to plan for your retirement? Yes, you do.
But…how do you do that?
Getting financial advice can help you enjoy your current lifestyle and plan for the future with greater peace of mind. A financial planner can help you review your current lifestyle and assets, look at what your goals for the future are, and help coordinate a plan to ensure you’ll have the funds you need for a comfortable retirement.
You can get financial advice like this at any age – even if you’re only just looking at purchasing your first home or starting a family. If you get a clear idea of your long-term goals and the financial situation you’d like to be in, you can implement actions for that early on and won’t need to make any drastic lifestyle changes later to stay on-track.
If you’d like some advice on creating a plan for your future and retirement, give us a call. We have experienced financial advisers who can assist you with creating a plan to achieve your goals and live comfortably for your lifetime.