You’re young and you think time is on your side when it comes to retirement planning. Unfortunately, it’s this mindset that leaves many Australians lacking the financial means that they need when retirement age does roll around. Why wait?
Those who have a clear vision of their later years tend to come out ahead. However, the vision shouldn’t just relate to having enough money to cover basic living expenses and medical costs.
Here’s why retirement planning can’t wait and a few simple steps to help get you started thinking about your future.
Right now, you have to make money to pay the bills, feed your family and pay on your mortgage. Most of your time is spent at work, leaving little time for other activities. But when you retire, you should think of it as the beginning, not the end. You will have the opportunity to do the things you’ve always wanted to do and be the person who you’ve always wanted to be.
When you think of retirement, money is going to be the first thing that comes to mind. But let’s take a moment and not think about the money. For example, when do you plan on leaving work? Someone who wants to retire early is not going to have the same goals as someone who wants to continue working to some extent. In addition, you need to figure out how you want to spend your time.
Use these 4 steps to help you successfully start planning:
Right now you may be working 50 or more hours a week. When you retire, there’s going to be a big adjustment period. One way to handle this adjustment better may be to slowly cut back on your working hours rather than stopping all at once. Many people who retire opt to work part time in order to take up some of their day to make the transition easier. At this time, it’s important to figure out who you are and how you want to fill that extra time.
Goal planning can seem overwhelming. For example, retirement planning is often considered a long term goal and it’s for this reason why people tend to procrastinate on it. This is why it’s important to plan for retirement in small goals that can be achieved within certain time periods. Make your goals:
Retirement planning has many facets. Money is usually the one always talked about, but planning for retirement now can also help you stay happy during your retirement years and help you transition into retirement easier and with less adjustment. We can help. Contact us today.