Superannuation roadblocks can stop you in your track. Do you feel as though you’re never going to reach your retirement goals or that your super just isn’t doing enough? These are normal thoughts to have as most Aussies are concerned about whether or not they’re going to be able to save enough money for their retirement.
But are there barriers when it comes to your superannuation that you could easily take down if you wanted to?
Are you used to living pay to pay without having money leftover? Or are you used to spending money on luxury or extra items that you really don’t need? Most people’s financial habits are just that – habits, and habits are very hard to break. A qualified financial adviser can help set you on the right path. You might need help with spending too much or a savings plan that you can stick to.
If you have a lot of debt, think of what you could do with all of the money you’re paying your creditors. The house that you own is costing you thousands of dollars in interest every year; credit cards tend to have high interest rates and are easy to run up before you know it. In addition, your car loan and personal loans can easily eat away at the money you could be putting into your super and saving for retirement. Learning how to get out of debt and stay out of debt will help immensely when it comes to putting more money into your super. A financial adviser can help you create a plan and stick to it.
Kids are always going to be expensive, but…how expensive they are depends on numerous factors. How much is their school tuition? Are they being given luxuries like expensive smartphones and other electronics? While you want to take care of your kids and their needs to the best of your ability, what you spend now plays a part on how much you’re going to be able to spend in retirement. If you don’t have enough saved up for retirement, you may end up looking towards your kids later on in life to help support you, which is something most people don’t want.
You feel like no matter how much you save, it’s never going to be enough. Retirement planning is overwhelming, but there are things you can do now in order to save as much as possible. One option is to salary sacrifice. With a salary sacrifice, you may also be eligible for certain tax breaks, which can help you further save.
Remember, the best thing you can do to make sure you’re properly preparing for retirement is to seek out the advice of a professional so that a solid plan can be created and put in place.
Don’t let these superannuation roadblocks derail your retirement. Speak to Ricarmo today.