How to optimise your retirement savings and retire richer.

Preparation can go a long way in ensuring you’re emotionally and financially ready for the road ahead, whilst it’s easy to be discouraged by superannuation and fear you will never have enough money saved to stop working, remember even a modest superannuation balance can make a big difference in retirement.

Making the most of your retirement savings is essential if you want to build a comfortable nest egg, here are a couple of tips on how to optimise and stretch your retirement savings:

• Give it Time

Don’t delay!  An investor’s most valuable asset is time, and it’s never too early to start planning your retirement.  The longer your money has to grow, the more you’ll get out of aggravating returns.  

• Every bit helps

Even if you can’t set aside a lot of money now, any amount you invest will have the chance to grow. Over time, even a small start can make a difference.  The more you can put into super before retiring, the more money you’re likely to have when you retire.

• Minimize your fixed expenses

When you want to make your money last longer, it is imperative that you minimize your must-have expenses. These are the things that you really can’t go without – like food, shelter, and transportation.

• Consolidate

If you have more than one super account, consider combining them to put all your money in one place – joining your accounts could save from paying multiple fees.

• Craft a plan

Define your goal – a retirement plan doesn’t need to be daunting; it’s important to just get started.  Once you know where you are headed, it helps to get and stay on track to your retirement destination.  Having a robust spending plan will help you establish what you want to be able to afford in retirement.  From there, a financial planner can help you figure out what type of nest egg will be needed to support your dream retirement.

• Don’t stop

While it is never too early to start making additional contributions to super, it is also never too late. Even small steps towards the end of your working life can and will make a difference to the way you live in retirement.

• Save, save, and save!

The key factor in achieving a successful retirement is to save as much as possible during your working years.  Saving is a habit, and saving for retirement is no different. Integrate saving into your budget, even if it’s just a little bit, save as much and as often as possible. 

Our best advice to optimise your retirement and retire rich, is when it comes to saving for retirement is to start saving early, and add to your investment whenever you can afford to – Maximizing your retirement savings is about viewing your retirement holistically from the beginning.  The earlier you start, and the more consistent your planning, the more likely you are to build lasting wealth.

To maximise your retirement nest egg, be sure to seek expert advice from our financial advisers as they will be able to assess your situation and help you develop a strategy to thrive in retirement.

WARNINGS, DISCLOSURES & DISCLAIMERS

While every care has been taken in the preparation of this article, Soundbridge Pty Ltd (ABN 40 151 134 146) and AFTA Pty Ltd (ABN 18 624 984 550, AFSL 507423) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts.

The information and any advice provided in this document is general and has been prepared without taking into account your objectives, financial situation or needs, and might not be appropriate to your situation. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things. Past performance is not a reliable indicator of future performance.  AFTA Pty Ltd does not warrant that future forecasts are guaranteed to occur.

The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document.

Soundbridge Pty Ltd (ABN 40 151 134 146) is a representative of AFTA Pty Ltd (ABN 18 624 984 550), Australian Financial Services License (507423), Registered office at 166 Quay Street, Rockhampton QLD 4700. Any advice on this website is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.

Posted on August 26th, 2021