Nobody wants to work until their dying days, and we’d all like to spend some time traveling the world during our twilight years, right? Well then, putting plans in place now could make all the difference when you reach 65. Sure, your mortgage might be paid off, so you could sell the house to get some funds, but they would run dry pretty quickly, and then where would you be?
Considering this, today I’m going to spend some time highlighting what you can do to ensure you’ve have enough money put away for your retirement. Don’t worry, none of my suggestions will drastically affect your quality of life at the moment, but taking heed could mean you’re a much happier and fulfilled person when you finally stop working for good.
Over the last ten years, there have been so many people reaching this age without adequate funds that governments around the world have had no choice but to step in and insist workplaces begin enrolling their employees in pension schemes automatically. While this might improve the situation for generations to come, it doesn’t really help anyone born on or before 1980. So, take a quick read through this post, and I’ll try to give you a hand.
Considering A Pension Scheme
This is your first line of defence, and while you probably won’t manage to save enough to live off at this stage, as the old saying goes “every little helps”. So, if you’re currently working, make sure you ask your bosses about the schemes run by your own company. If not, just spend a few moments searching online for the best private providers. Although to be honest, you might be better looking at some of the more modern solutions like self managed super funds. Indeed, SMSF borrowing could be just what you need as you head towards your last few years.
Paying Your Mortgage
As I mentioned a moment ago, paying your mortgage off completely during your working life will make your retirement significantly more pleasurable. Don’t get me wrong, you definitely don’t want to sell your home for cash, but having fewer bills to pay out every month should ease the strain somewhat. At the end of the day, the less you have to spend, the more money you’ll have for enjoying yourself, right?
Investing While You’re Young
If you really want to live like a king (or queen) during your later years, you could start making investments in your 20’s. Presuming you select good endeavours that work out in your favour, even the lowest investments could turn into substantial returns over that kind of period. If you need to, employ the services of a financial advisor. And if you’re ambitious enough, perhaps even a stock broker? Don’t worry though, they’re not all like Leonardo Dicaprio’s character from “The Wolf of Wall Street”.
So long as you follow that advice and always seize every opportunity presented to you along the way, you should have more than enough money to pay for whatever you want to do during your retirement.