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4 Tips To Help You Plan For Retirement In Sydney

4 Tips to Help You Plan For Retirement in Sydney

According to the Australian Institute of Health and Welfare, the average life expectancy for men is 84 years old and women at 87 years old. This means that if you retire at the age of 65, you will have around 20 years left of your life to enjoy it. While that might seem short in the grand scheme of things, it is a long time. That’s why, when you plan for your retirement, you should be careful to ensure those 20 years are years well spent. So, here are a few tips to help you properly plan for retirement:

1. Start Planning as Early as Possible

You might be wondering why this is a tip. However, it is an essential tip because it is the most important thing to do in the entire process. It would help if you started planning early. The earlier you plan, the more time you have to prepare and save money. This means that you are less stressed out and have time to save money while you are still young.

In fact, you should start planning early on in your life. The earlier you start, the better. Even if you only put aside a small amount each week, it will add up. And in the end, you will be glad you started early. Of course, this doesn’t mean it is too late, even if you’re in your 50s. You will have to be mindful of what’s possible and what isn’t.

2. Set Realistic Goals

You should also set realistic goals. You might think that you want to retire when you’re 65, but that might not be possible. You might not be able to save enough, or you might have lost some of your income-generating capability. To make sure that you set realistic goals, you should know how much you can save, how much money you need, and how long it will take you.

When you work with a financial adviser, they will help you with realistic goals, which takes us to tip #3.

3. Enlist the Help of a Financial Adviser

A financial adviser will be able to help you plan for retirement. Yes, you might want to handle your finances by yourself. However, don’t you think the help of a professional is better? A financial adviser can review your financial plan and give you tips on how to build wealth while still enjoying your life. This is very important because it is a financial adviser’s job to help you build wealth and plan for retirement. It is also their job to help you make sound investment decisions.

With a financial adviser on your side, you will have more time to do the things you want to do. You won’t have to waste time trying to figure out if your investments are right. You won’t have to plan for retirement. You will also have a financial adviser who will help you make sure that you have the right insurance should the unexpected occur.

4. Keep Your End Goal in Mind

It would be best if you also kept your end goal in mind. While you may want to retire with a lot of money at the age of 65, that may not be possible. You may not have that amount of money even if you plan for it. What you should do instead is to plan for retirement that keeps you happy and living comfortably. You don’t want to end up living on the poverty line when you’re 65.

Plan for Retirement Today!

Yes, planning for your retirement is a lot of work. However, it is essential that you do it properly. And, yes, you have a lot of time to plan for retirement. However, you should start early because more time means more money. And it also means that you will have time to learn about investing!

Just keep in mind that it is also essential to have a financial adviser on your side. A financial adviser will help you plan for retirement and make sure that you’re investing your money wisely.

Sydney Wealth Advisers are expert financial planners and advisers who work closely with individuals to develop sensible, realistic strategies for the financial lifestyle anyone desires. If you are looking for sound financial advice in Sydney to plan your retirement, let us help you!

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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