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<\/p>\nGiven the financial demands of everyday life, planning your retirement may be a relatively low priority. You may also think that you have plenty of time to plan. But before you put off planning for your retirement any longer, here are some key facts you should consider.<\/p>\n
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A male currently aged 65 has a future life expectancy of 19.7 years and for females currently aged 65 it\u2019s 22.3 years1<\/sup>. But these are just the averages and they are increasing steadily. As these trends continue, your retirement could stretch to three decades, or maybe even longer.<\/p>\n The full single rate age pension only provides around 27%2<\/sup>\u00a0of full-time adult average weekly earnings. What\u2019s more, qualifying for the age pension may become more difficult in the future, given our population is ageing.<\/p>\n Your parents may end up spending all their savings and may even need to downsize their home to help make ends meet. So, if you\u2019re relying on an inheritance to fund your retirement, you could be disappointed.<\/p>\n With some of your money going into super through compulsory employer contributions, you\u2019re off to a good start. But assume that those employer compulsory contributions will mean you have enough super to get you through your retirement and you could be in for a nasty surprise. Research conducted by Rice Warner Actuaries revealed that Australia has a shortfall in super of close to $1 trillion3<\/sup>, which means many Australians may not have enough super to fund their retirement.<\/p>\n Thankfully, with a bit of preparation, it\u2019s possible to plan for a long and comfortable retirement. Strategies like salary sacrificing into super, making lump sum contributions or using a transition to retirement strategy are all smart strategies to consider to boost your super, and some of them generally have tax benefits too. It\u2019s also possible to use your super to start a pension that pays you a regular income. Some pensions even guarantee to pay you an income for the rest of your life, negating the risk of outliving your savings.<\/p>\n The best way to see how your retirement savings are currently tracking and find out what you could do now to increase your super for retirement, is to contact us on |PHONE|. We can help you set realistic goals and put a plan in place to achieve them.\u00a0<\/p>\n \u00a0<\/p>\nYou shouldn\u2019t rely on the age pension<\/h3>\n
You shouldn\u2019t rely on an inheritance<\/h3>\n
You might not have enough super either<\/h3>\n
Start planning now<\/h3>\n
Talk to a retirement planning expert<\/h3>\n