Retirement is a lot tougher than it once was. Gone are the days when a family could pay off the family home, put away some savings and maybe a small investment or two and live happily ever after. In this era, it takes careful planning to have enough money to retire. At this point, we like to see people in their 20’s start planning for their futures.
If you want a comfortable retirement, you need to start early. You should also avoid these crucial mistakes.
Failure to Plan
As the old adage goes, “If you fail to plan, you plan to fail.” The fourth edition of The ANZ Survey of Financial Literacy in Australia, which was conducted in 2011 and is their most recent, showed that among adult Australians, only 37% had come up with an estimate of how much money they would need for retirement. A good plan should include what risk you deem acceptable, which investment vehicles you want to use, how much you have to invest, your preferred cash flow and what insurance you need to protect your investments.
Failure to Formulate a Budget
You should formulate a budget and stick to it if you want to have investment success. A budget accomplishes two things; it lets you know where your money is going and earmarks a set amount for your future.
Failure to Invest
Putting your money in the bank may not keep you abreast of inflation. Investing in property or shares generally generates better returns. How you invest depends on your personal risk profile and the goals that you have.
Going It Alone
You need a team of professionals on your side to truly maximise your retirement investments. Financial planners are trained to consider a plethora of factors that pertain to generating wealth for one’s retirement. At Approved Financial Planners, we are firmly committed to securing the futures of our clients.
Our services include retirement planning, superannuation, self managed superannuation funds, mortgage broking, cash management, estate planning, wealth protection, investment planning and business solutions.
The process is easy. First, call us for an obligation-free consultation. Then, we ask for enough information to identify your goals and develop strategies. We provide you with a Statement of Advice (SOA). If you want to implement the plan, we will help you.
Call (08) 6462 0888 today.
