29 Mar Why Everyone Should Have a Retirement Savings Plan

Posted at 13:00h in Retirement Planning, Superannuation by Lochlan Stuhne-Scott

While saving for retirement may seem overwhelming and daunting, it is a must to have a solid plan for your financial future. Remember that the funds that you put into your retirement are supposed to cover all your expenses once you stop working. Keep in mind that there is no exact age to get started in retirement planning. The sooner you start, the better.

If you are looking into starting your retirement plan, or if you have already started but want to ensure that you are on the right track, this article may help you get the answers you need!

Here, you gain insight into how to get started on a retirement plan and tips on how to make sure you can save enough to live comfortably during your Golden Years.

Why Everyone Should Have a Retirement Savings Plan

You may be decades away from retirement, but there is a sound reason for making sure that your retirement plan is in order. The last thing you want is to reach retirement age and find out that you didn’t meet your needs and financial goals.

Live Your Life After You Retire

To be able to ensure that you will have enough money to cover your needs and even your wants when you retire, you need to have a solid retirement plan. It’s beneficial, as it can provide you with guidance and help you stay on track to achieving your dream retirement.

You want to be able to live your best life in retirement, which is why developing a financial plan for your retirement is paramount.

Tips to Help You Save For Retirement:

Here are four helpful tips that may help you save money and prepare for your Golden Years:

Tip #1 – Check Your Superannuation

Your superannuation fund is one of the most important investments you can make. Looking into the amount of money that is put into your retirement fund will help you calculate whether you are targeted to meet your savings goal.

It’s also important to note that your super balance should be on track to ensure it will cover all your expenses and needs once you stop working.

If you are wanting to have enough money for your dream retirement, check out our article on: ‘What you need to know about superannuation for a comfortable retirement’

Tip #2 – Consider Investing Outside Your Super

Additionally, you may want to consider developing an investment portfolio. You can utilise the diversification investment strategy, which will lower your risk and help you gain more stable returns over the long-term.

If you have the money to invest, you could consider investing in:

Real estate,
Shares,
Fixed interest (bonds)

or any other types of investments, by all means, go for it!

Tip #3 – Consider Downsizing

You may also want to consider downsizing your home. If all your children and dependents have moved out and you have an empty nest, you may consider selling your home and relocating your dream retirement location!

The downsizer contribution allows you to make a tax-free contribution to your super of up to $300,000. This is made using the proceeds from the sale of your home. Your spouse can also make the same contribution amount, which allows $600,000 to be contributed.

Tip #4 – Seek Assistance From a Financial Advisor

Remember that all the information presented in this article is generalised. To be able to know about the best options available to you, it may be worthwhile working with a financial planning specialist. They can help you make informed decisions about your retirement and how to get on track to saving for your future.

Having a retirement savings plan can give you peace of mind; knowing that you are actively taking steps to secure your financial future will allow you to rest easy.

If you have not yet begun taking these steps, it is never too late! Finding a financial advisor that you are comfortable with will help you get on the right track when it comes to your financial future.

FINANCIAL ADVICE ON THE CENTRAL COAST

If you want personalised superannuation advice or retirement planning services, reach out to Leo Wealth Financial Planning.

We can help you understand the numbers you need to hit and can help you craft a plan to meet set goals to live a happy retired life.

At Leo Wealth, our expert financial advisor in the Central Coast offers clients the assistance needed to plan a financially secure and healthy future.

Reach out to us today and let us help with your retirement plan!