How important is being mindful of Your Retirement… well if you ask the average Australian that question then the answer will be … Retirewhooo?!
A global survey of people’s attitudes to Retirement savings shows while Australians expect to spend 23 years in retirement, their money will run out after only just 10 years, leaving them on the age pension.
The funding gap, or shortfall, of 13 years is among the longest gaps of the 15 countries surveyed by HSBC for its Future of Retirement report.
The average savings gap among the 15 countries is seven years. Australia’s funding gap is the longest funding gap in Asia and the fourth-longest in the world.
This is the exact information that as Australians we prescribe to the “she’ll be right mate” and we worry about it when we “get there”, which is generally a very large wake-up call in the mid 50’s when we want to start winding down into a comfortable lifestyle but find ourselves completely unprepared and ill-equipped The average Australian (which is around 45% of us) can hope for around $60,000 a year in retirement as a couple at best….
Here is the simple math, multiply the amount of years you expect to live (as in the true sense of being alive) past the day you stop working, by the amount of money you would like/need to spend in each of those years (be inclusive of non-essential costs such as birthday’s, grand kid’s, Xmas’s, holiday’s and the expensive new hobbies that boredom will drive you to)
How are you looking? Does that figure seem attainable if you keep doing what you are doing now?
In short my avid readers, you don’t need to work on your retirement plans daily or even monthly, but get your retirement health checks and tune up’s as a regular yearly event .
Be Retire STRONG, not Retire COMPLACENT