The Australian Dream is turning into a retirement nightmare.
The average Aussie spends a whopping 90,000 hours chained to their job, only to retire with an estimated $200,000 less than they need at 64.3 years old (source: ABS).
But let’s be honest, who wants to wait until their golden years are filled with aches and pains to finally live? Most of us (56%, source: Finder) crave freedom much sooner.
Superannuation balances required to achieve a comfortable retirement
Savings required for retirement at age 67
| Couple | Single |
|---|---|
|
$690,000 |
$595,000 |
Superannuation balances required to achieve a modest retirement
Savings required for retirement at age 67
| Couple | Single |
|---|---|
|
$100,000 |
$100,000 |
Source: ASFA
Answering the Tough Questions
Do you have a clear vision of your retirement and the legacy you wish to build?
What does your ideal retirement look like, and what activities do you envision yourself doing?
Have you calculated your annual income needs for retirement? How does this align with your current financial strategy?
Considering your projected superannuation fund balance at retirement, will this be sufficient to support your envisioned lifestyle?
With 56% of Australians dissatisfied with their traditional retirement age and 72% concerned about retirement savings, these questions have never been more important.
Are you on track for early retirement? Take this mini quiz to assess your cashflow stream
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You're on a great track!
Keep building your diversified income streams and seeking expert guidance.
You're making progress, but there's room for improvement. Consider exploring additional income sources and consulting a professional for personalised advice.
A proactive approach is crucial. Start by defining your retirement goals, calculating your gap, and diversifying your investments. PWF can help you craft a personalised plan.
Don't wait! Take control of your future today. Schedule a consultation with PWF to discuss your individual needs and develop a strategy for early retirement.
Don’t be like the 72% of Australians concerned about their retirement savings. Take control of your future today.
The first step to taking control of your finances is making a plan, so we’ve created an in-depth retirement budget planner, allowing you to visualise and plan for your financial future with precision.
Step-by-Step Guide to Using the Retirement Budget Planner Effectively
STEP 1: Set Your Retirement Goals
Begin by defining clear, measurable goals for your retirement. Consider factors like desired retirement age, lifestyle aspirations, and any legacy you wish to leave. Input these goals into the planner to tailor your strategy.
STEP 2: Input Current Financial Data
Detail your current financial situation, including income sources, investment balances, and regular expenses. Accuracy here is vital for effective planning.
STEP 3: Project Your Income Streams
Utilise the planner's features to project how each income source might grow over time. Include considerations for promotions, rental increases, and investment dividends.
STEP 4: Forecast Expenses
Estimate future living costs, accounting for inflation and changes in spending habits. Don't forget to include one-off expenses like travel or significant purchases.
STEP 5: Explore Scenarios
Experiment with different scenarios to understand how changes could affect your retirement plan. This might include delaying retirement, adjusting investment strategies, or changing spending habits.
STEP 6: Review and Adjust
Regularly review the projections and adjust your plan as necessary. Life changes, and so too should your retirement plan. The planner is designed to be a living document, evolving alongside your financial journey.
STEP 7: Consult with a PWF Advisor
While the Retirement Budget Planner offers a great start for planning, partnering with a PWF advisor ensures your plan not only meets but exceeds your retirement goals.
The journey to early retirement begins with a conversation.
Schedule your consultation with PWF today and let us guide you through transforming your financial dreams into reality.
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