3 minute read

The Biggest Fear of Retirees

from OCLife20230420

from OCLife20230420, page 25

DON’T THROW OUT YOUR WASTE, EN...

The biggest fear of retirees is running out of money. So, it probably won’t surprise you to hear that the biggest regret of Australians over the age of 65 is not having saved more money for retirement!

With a bit of planning, we can overcome both. The key is to take action as soon as possible.

Most people fear running out of money because they don’t fully understand their ﬁnances. They don’t know what their options are, they don’t understand their super (let alone that they may be paying way too much in fees) and they don’t know what path they are on. And all of the above is understandable... they don’t teach us these things at school. What actions can you take?

I believe the number one action people can take is to get their super working harder… why not make your super SUPER?!

If you are an employee, 10.5% of your pay is being sent to your super fund. Your super fund is then investing this money for you and charging you fees along the way. You can also add extra contributions and potentially get a tax deduction for doing so.

How much your employer puts in, how much you put in, the fees you pay and the returns the investments get, are going to play a BIG part in how much income you are going to be able to provide yourself with when you retire. So, it pays to pay attention.

You have enormous control over your retirement savings, you just may not have realised it yet.

There are plenty of other things you can be doing, but before you start looking at other ways to invest, get your super working as hard as possible. The fact that you are already an investor, via your superannuation, is one of those light bulb moments for many people.

The earlier you can implement strategies to maximise your super, the better the results will be.

In saying that, getting to 50 (or thereabouts) tends to be a real line in the sand for many people. All of a sudden, the ﬁnish line for working starts to be within sight. Suddenly, the realisation of how much money it might take to be able to a ord to comfortably retire starts to get real.

Some people panic and start doing crazy things, many just put their head in the sand and hope for the best (hope is a not a plan!) and some get serious and start to put in place sensible strategies that will yield results.

Get the basics right and you’ll be a long way towards success. Steer clear of anything that sounds too good to be true, don’t get ripped o paying way more in fees than you need to, use the taxe ective strategies that are available to us in Australia and get as many things on autopilot.

The faster you do these things, the sooner you’ll be overcoming the fears and regrets that cripple many people’s ﬁnancial futures.

If you want to learn more about what you can be doing in your 50s to put yourself in the strongest position for a ﬁnancially secure retirement, then I’m holding a FREE ‘Finances in Your 50s’ seminar on Monday, May 1 at 6.30 pm at the Orange Ex-Services Club. Get the facts, be empowered, and make the most of every dollar you earn between now and when you want to stop working.

Simply scan the QR code and book yourself a seat or give me a call on 0411 484 464.

If you’ve read this far then I hope to see you there!

Ch rs, Daniel

If you’d like to fi nd out more about how INDEPENDENT fi nancial advice could help you manage cash fl ow, pay off the mortgage faster, get the most out of super and invest wisely, then get in touch on 0411 484 464 or head to wealthtrain.com.au.

This advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided are general advice only.

DANIEL MCGREGOR AND WEALTH TRAIN ARE AUTHORISED REPRESENTATIVES OF INDEPENDENT FINANCIAL ADVICE & EDUCATION AFSL 520963

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