When all’s said and done, retiring isn’t easy!

Life might be all golf and relaxing by the pool in the beginning – but not if your money runs out!

National Seniors Australia(a not-for-profit organisation with over 200,000 members over 50) released research on the 8th March 2018 showing Australians were living longer, but many were failing to plan for it. 

“Earnings from 40 to 50 years of work may have to cover 80 to 90 years of life, but medical and aged care bills tend to get higher as we get older and few people are ready for this,” Research Director Professor John McCallum said.

Prof. McCallum said identifying practical options for saving was critical. People who hadn’t saved enough were depressed, even suicidal.

However, gathering knowledge to make an informed investment decision can be difficult.

Stock markets shift, changes occur to investment products, and government legislation can vary, too. Keeping up to date can be arduous and gathering knowledge to make an informed investment decision can be difficult.

Whether you’re already retired or preparing to retire, you need to be armed with as much information as possible about how to fund your financial needs.

“While it is difficult to predict market downturns and other changes, you can empower yourself if you know more about how your money is invested,”  Zenith Wealth Management’s Senior Adviser Peter Chun said.

When it comes to retirement, Peter has a few guiding thoughts:

  1. It must be planned
  2. The best laid plans may need to change
  3. You need Professional advice
  4. There is always some risk
  5. Most importantly, keep it simple!

 

When people start to get serious about retirement planning, they are almost always shocked and dismayed when they discover that they simply haven’t saved enough.

To illustrate this all too common situation, take a look at this example:

A person 45 years of age looking to retire at age 67 with a targeted future income of $100,000 p/a in retirement for a period of 25 years needs to save $2.5m or  $2,185/week for the remaining 22 years of their working life. How many people at age 45 can manage that – realistically!!! not too many. This is where investment advice becomes critical. Leveraging from the banks money for example or releasing equity to leverage for investment purposes can significantly close that retirement funding gap, and quite frankly, without leverage and investing its too big a number to make up later.

So what can you do???? Look seriously at the equity in your home because holding that equity is costing you big $$$$$ and releasing that equity could go a long way towards solving any retirement savings shortfall by helping you grow your property portfolio and generating solid income for your retirement.

Call us today to book an appointment – you will pleased you did!!!!

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