No one wants to get old. You've heard of the people who can't get past the age of 39? Every year! Well I think maturing and getting to access your super is good it means less work and more play if you plan right.
But the question on everyone's lips: will there be enough?
Statistics state a couple would need approximately $54,000 annually and a single person $39,000 annually to have a comfortable retirement. Does that sound right to you? Well then how much will be enough?.
The average super contribution over a person's working life is $200,000 you would double this if both partners are in the workforce full time for the whole 40 years. But something is just not adding up here when you put it down this way.
No one will have enough super if they only rely on the minimum contribution from the wage they earn in employment. The problem is, we're all too busy to take action and do something now.
So I urge you to stop doing nothing about it, you can find a way. Even if you are earning way more than the average, without strategic planning and regular reviews, strategies lose direction - and opportunities are often missed or overlooked. Without a strategy you are effectively a "drunk driver" on life's highway and a crash in one form or another is inevitable.
You can and should start with the good stuff, like what are your wants and desires? Exotic holidays, a luxury boat, house by the beach, early retirement living in absolute comfort and financial security? Sounds good and your goals can be anything you want them to be, as long as you're clear on what they are and whether you're being realistic. Setting your goals and objectives is the first step on the road to getting strategic.
Personal as well as financial goals should be included. Don't think of them as two separate lists but one. Work out what your personal goals are and determine if you need more money to achieve them. Then work out the quickest way to get the money you need. How? By developing a strategy and then focus on achieving it, but all the while ensuring you're achieving your other personal goals along the way.
You might be thinking 'It's not as simple as that'. Well you are right, there is a lot of hard work in the middle, but one thing is for sure it's a lot easier to get somewhere if you know where you're going.
1. Business / Income Strategy
2. Investment Strategy
3. Super Strategy
4. Retirement or 'Spend it' Strategy (my favourite)