Retirement planning
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How to plan for retirement
Retirement marks one of life’s greatest milestones. According to the ABS, over the past century, the average Australian life expectancy of has risen for men 22 years and 24 years for women. With Australian men now expected to live to an average age of 77 years and 82 years for women.
This extra time also comes with a subsequent expense which is a big part of retirement planning.
When do I need to start planning for retirement?
Retirement planning is a gradual process which takes into account financial concerns living conditions, expenses, location and health. The average Australian retirement age is 55.4 years but many choose to keep working well beyond their 50’s.
While it’s never too early to plan, most people leave it until life throws an illness, financial hardship, or career problem at them, reducing the time to prepare. Setting up an investing, savings, and Superfund plan along with accurate financial advice helps you be well prepared.
Where do I start?
Since retirement relies on funding your living expenses without a salary, retirement can be boiled down to three questions: 1) “how long do you predict retirement last?”, and 2) “what will it cost.”
These factors determine the last question which is: “what financial resources you have or need in order to fund it?” See the costs here and read the articles below to help you get more information on specific topics.
