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We work hard for multiple decades with the intention of acquiring enough wealth to support us when we retire and the rising cost of living is a major obstacle.
The ideal age to start planning for your retirement is around 30 and in this short article, we offer a few tips from financial experts to help you plan for a secure retirement.
- Connect with a financial adviser – The finance professional can help you to identify investment goals and create an investment portfolio, which diversifies your assets and makes your money generate wealth.
They can also manage your super to ensure maximum yield, while your plan is flexible, so you can change investments at any time. - Insurance – Aside from private health insurance, you should have good life insurance that protects your assets in the event of your passing.
You have to prepare for every eventuality and as you age, you can no longer take good health for granted.
What would you do if you suffered an accident and can no longer work? Things like this need to be addressed and Google can help you find the best insurance policies for the lowest premiums. - Don’t leave money in the bank – Aside from a few hundred dollars to cover direct debits, money should be invested or at least deposited in a high-interest account.
It makes sense to put money to work and make more money, this is how millionaires managed to become wealthy. - Additional income – If you have the time, why not work OT or find a part-time, work-from-home job to supplement your income?
This money could be put into your investment portfolio, you could set up an additional private pension and that would make all the difference when it matures. - Write a Last Will & Testament – It is essential to write a will, as this ensures that your wishes are implemented regarding how your estate is distributed.
If you were to die without writing a will, your assets will be divided according to ancient laws, so you can’t take it for granted that your loved ones will receive what they should. Talk to a family lawyer and they can assist you by drafting a will in clear and concise language. - Set goals – When you think about the future and finances, you should set investment goals that lead to a secure retirement.
As you attain each goal, this will motivate you to be focused on your investments and that should pay big dividends when you reach retirement.
We hope that the above information helps you to start planning for your retirement and relying on your super might not be enough for you to fully enjoy your golden years.
Talk to a financial adviser about creating an investment portfolio and get things started, there’s no time like the present to begin planning for the day you clock out for the last time.
