Cogitating about the future may not be your idea of a fun afternoon activity but it is a necessary one, particularly if you want to ensure you have the retirement that you desire.
There are no hard and fast rules about when you should begin saving for your golden years.
At this time, you may want to get some guidance from a financial planning adviser.
A retirement plan can start at any point and it does not matter how old you are. Many people may have a superannuation scheme in place already but you may find that you need another strategy to boost your super fund.
As you approach your 50s you may wish to reassess your plan to see if it is still going to help you reach your financial goals.
Is it time for you to consider a new method?
There is still ample time to organise a new retirement strategy to assist you to meet your financial objectives.
A financial planning adviser can discuss other wealth accumulation strategies that can make it easier to grow your super fund.
A key determining factor for growing your super is considering what you want to be doing during your winter years.
For instance, if it is your dream to travel the world on a cruise ship then you may need to find ways to raise more funds to reach your dream. Whereas if you plan to stay at home, you may require less money.
An adviser can help you to create an adequate plan to ensure that your money will last the length of your retirement.
This is vital because it will mean that you do not have to worry about money during your golden years, particularly since after decades of working hard – you should be able to sit back and relax.
Another variable to ponder is what you would do if you were unable to work for any period.
Life can throw you the odd curve ball and being prepared for these is essential for your peace of mind.
ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.