Building wealth in your 40s can be one of the most lucrative times. Most people…
Many people view retirement as the end – the culmination of all the years you’ve toiled for during your career. While it’s true that your retirement will conclude the life you’ve gotten used to for the past few decades, it doesn’t necessarily mean the end of happiness. In fact, it marks the beginning of a new chapter of your life!
Although vastly different from your working days, life after retirement can be and should be enjoyable. It’s normal to feel a sense of doubt and loss at first, but once you overcome your conflicting emotions, you will begin to realise the mountain of possibilities in your future post-work life.
If you’re nearing your retirement, look forward to the day instead of dreading it – as long as you plan for your life after retirement, you’ll indeed have good days ahead of you. That is, of course, if you’ve saved up enough money to fund retirement living.
Your Retirement and Finances
Retirement shows the promise of new dreams and ambitions, but it’s crucial to note that you can only have a comfortable and happy life after retirement if you’ve saved up enough for it. The thing is, you’ll only retire from work, not life, so you’ll continue to have expenses until your old age.
Without a regular source of income, your post-work life can be challenging, and you could even be forced to work again if the Centrelink Age Pension is insufficient. If you want to retain your current lifestyle or have a better life after retirement, it’s crucial to create the best retirement plan that works for you.
Although there’s no telling what the future holds for you, it’s crucial to be prepared for a long life ahead. But, how do you determine how much you exactly need to fund your retirement?
Having Enough Money for Your Retirement Lifestyle
It’s never too early to think about your retirement fund. The sooner you prepare for life after retirement, the better! Depending on your financial circumstances, your post-work life could either become a dream or a nightmare – when you need to take care of the mortgage, your family and other financial responsibilities, it may be challenging to think of realising your future dreams.
It’s important to ask yourself if you are financially ready to retire. The retirement budget is different for everyone, as it relies on the lifestyle you want to live. If you’re going to retire comfortably, the Association of Superannuation Funds of Australia (ASFA) recommends allotting $44,000 for single individuals and $62,500 for couples each year.
Fortunately, the Age pension provides a financial safety net, paying up to $25,155 per year for singles or $37,924 per year combined for couples. However, this isn’t always enough. If you think you’ll need more to fund a comfortable retirement life, you should consider looking for other ways of generating income. This way, you can earn money even when you’ve retired!
Retirement Life: It’s Never Too Early to Plan!
Retiring while still having financial responsibilities to uphold isn’t easy, but it is possible to have a comfortable life while also having financial stability! It’s never too late or early to start caring about funding your life after retirement. As long as you receive the right financial advice, you’re sure to have a more comfortable life in your later years!
Are you looking for the best financial adviser in Port Macquarie to help you plan for your retirement? Then, our team at Coastal Advice Port Macquarie may just be who you need! Regardless of your age, we have the knowledge and expertise to help you plan for your perfect retirement. Secure your complimentary appointment today!
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DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.