One of the biggest advantages most young people always have is their age and this can be used for their benefit when planning for retirement but only if they follow good retirement advise to be able to retire sooner. With this age bracket young people can take advantage of compound interest by starting a regular savings plan as this is a very powerful investment tool that can make a viable retirement plan and start a budget to watch what they spend each month.
When my SMSF (Self Managed Superannuation Fund) was established my advisor at the time, Heath Hill, advised me to have my funds allocated between Australian Shares that paid a dividend and cash. As I already owned property it was decided I did not need any more in my super fund. After a few years of attending seminars and
Do you want to be able to pick your retirement date? What type of lifestyle do you want in retirement, modest or comfortable?
The biggest difference between a comfortable and a modest lifestyle is the cost of our leisure activities.
I like the idea of more people having the choice to retire younger. The trick is to know what sort of lifestyle you want to enjoy in retirement. Once all the essential expenses are out of the way our lifestyle budgets will get the balance.
My aunt just turned 90 and her guaranteed income from her annuity finished at 90. She has outlived her money and now has to get used to living on the pension. How long will your retirement savings last? What could you do to put more into your savings to make your nest egg last longer? Why you could even retire sooner if you get your strategy right.
At 61, Ann Nelson is a living example that people’s life and direction can be re-invented at any age. After suddenly finding herself a widow in 2009, Ann needed to learn – and fast – about finances, survival and ultimate retirement.
Now Ann has become a leading ‘retirement warrior’ helping other hapless women (and some men!) to understand the need for decent retirement planning.