Australians are pessimistic about the prospect of retiring
Many Australians would love to retire early but the reality is that their concerns about their financial position restricts them from realising this goal.
The HSBC Future of Retirement survey found;
- 16% of Australians believe that they will never be in a financial position to fully retire. This category cite the high cost of living as the main reason for this negative sentiment.
- 44% of Australians admitted to not adequately planning for their retirement.
- 53% of those surveyed have not saved specifically for retirement, outside of compulsory superannuation.
- 36% of Australians who have already retired feel that they should have started planning for their retirement sooner.
- 31% of those retired, experienced a lower standard of living in their retirement.
- With children and/or parents living at home, 60% of retirees provide regular financial support to at least one other person.
- 41% of retirees worry about being able to financially support their family or friends when they retire.
Things to consider when planning for your retirement:
1. What will your life look like when you retire? What will you be doing on a weekly, monthly, annual basis?
2. Will you still have a mortgage when you retire?
3. Will you have children living with you when you retire?
4. How healthy are you now? What will your health look like in your retirement? Health is one of the larger costs for retirees.
5. Will you need to simplify your lifestyle when you retire? If so, you may need to consider the stages to this process now, rather than leaving it too late.
6. Do you have a clear written financial plan? Do you know how much money you need to accumulate in investments and superannuation in order to fund your retirement?
Should you require any assistance with your retirement planning please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.