Planning for retirement
A couple of news items caught my attention the other day – one on the TV and one on the radio. Scott Morrison, Federal Minister for Social Services was on the TV news talking about pensions. He was saying that more of us are getting older and that we are an ageing population. He was also making the point that the percentage of the nation’s GDP (Gross Domestic Product) that goes towards paying aged pensions is increasing and will continue to increase.
To highlight that point, I then heard the well known science commentator Dr Karl Kruszelnicki discussing the government’s 2015 Intergenerational Report. The report quotes life expectancy figures for Australians, which show that in 1905 life expectancy for women at birth was 54 and for men it was 52. By 2055, life expectancy in Australia will be 97 for women and 95 for men. That’s nearly double!
What does this mean for us?
It means that we all need to start planning for our retirement!
With the expectation that we will all be living longer after retirement, we need to plan to be able to self fund our retirement and have less reliance on government assistance and the pension.
Fortunately, our Financial Planners from Beyond Wealth Management are experts in being able to help our customers understand superannuation, pensions, wealth accumulation and retirement planning. They will be able to help you understand how much money you may need in retirement to live the lifestyle you deserve to enjoy.
It is never too late, or too early, to start planning. Make an appointment to speak with one of our Financial Planners today!
Have you started planning your retirement yet?