Getting ready to retire starts now!
When you approach retirement, you begin to think about what you will do with all your free time. Go on holidays, tick boxes on your bucket list, learn to play an instrument because you never found the time before, or maybe keep working as you need to maintain social contact.
However, one thing to keep in mind is that retirement is like being on a weekend all year long. What happens most of your weekends? You spend money that you earned during the week.
To make the most of your retirement, you should think about your goals and priorities, and assess your retirement resources. Having goals is a good thing, but do you have enough resources to achieve them? In most cases, retirement may come from a mix of superannuation and Centrelink payments and that may not be sufficient to achieve your retirement dreams. So, you will either have to reduce your goals or try to keep working if you can still do so.
Furthermore, you may want to provide some financial assistance to your children or grandchildren to help them achieve their goals.
It is never too early to think about retirement, owing an investment property or contributing to your superannuation will provide you with the extra funds you need in retirement
Planning ahead will help you cover any unexpected expenses and assist you in achieving all your goals. If you have more money than you can spend in retirement, that’s always a good thing for your children.