5 common mistakes that may ruin your retirement
Over the past decade, the nature of work has changed significantly. As the nature of work evolves, how we define retirement is changing along with it.
Back in our parent’s generation, the word retirement brought to mind images of gentile retirement living, rose beds, bowling clubs and bingo nights.
In Australia, the average age at which people retire has risen from 64 to 65.6 for men, and from 61.8 to 64.2 for women. The eligibility age in Australia for the pension, which is now 66 has been slowly increasing from 65 but will have risen to 67 by 1 July 2023.
Little wonder then that given these trends, around the country, attitudes to retirement planning are changing.
Today increasingly, retirement is about achieving financial independence early in one’s career and channelling your creative energy into pursuing your passions, be they business ownership, fine dining, travel, or more sophisticated investment approaches.
Improvements in public health and medical advances have seen declining death rates and commensurate longer life expectancies. As the Federal government budget comes under increased pressures from the challenge of a declining workforce, more and more Australian families are taking on responsibility for the financial planning for their retirement.
Whether you’re close to retiring or it remains years away, it’s never too early to begin planning. In fact, the earlier the better! This is doing your homework will reap its rewards. Effective planning for retirement can be complex. There is a lot of knowledge to absorb.
Most of us want to do everything we can to ensure this stage of our lives is as comfortable as possible. This e-book identifies some of the common mistakes made in retirement and how to confidently manage your retirement nest egg.
Putting sound plans in place early and seeking professional guidance are key. The more you know, the better prepared you are for your retirement path ahead.
This article provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, Sciacca’s Accountants and Advisers does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, Sciacca’s Accountants and Advisers does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.