Make Sure There’s Money Before Retiring
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A Roman statesman once said, “Cessation of work is not accompanied by cessation of expenses.” At age 65, most Australians are already retired from their jobs or businesses.Senior citizens who already stopped working should still have financial resources to augment their daily expenses. Financial experts constantly advise clients, particularly young professionals and workers, to make long range financial goals the moment they start earning.
It is unfortunate that the global economic slowdown wrecked havoc on the financial sector, including the investments of retirees. According to a recent news report, almost 20 percent of retirement savings is shaved off from retirees or even those who are about to retire. Estimates show that retired Australians would take seven years to recover the loss. Chant West presented a grim picture of this by giving a concrete example: a million dollars worth of retirement funds two years ago would suffer a devaluation, making its worth around $800,000 today.
ING technical sales head Andrew Lowe advised retirees and would-be retirees not to wait for the market to recover but instead make additional contributions to make the recovery faster. This works well for those who are still holding a job or a business. Taking out fast cash loans now to add to the retirement fund is worth the financial sacrifice rather than face a less amount of income in the future. In a way, that is also a good financial strategy: consider staying at work longer to delay the number of years of relying on retirement income.From their salaries, the employed should take advantage of this regular income and set aside a larger portion for retirement funds. They can also avoid being remiss in payments or contributions by procuring payday advances against their salaries.
Centric Wealth estimated that people should have 17 times of their desired standard of living to have enough resources on which to retire.Keeping this in mind, would-be retirees should make their retirement plan part of the financial budget.For young employees and workers, adding to retirement contributions could help a lot in the future. Another valuable tip for would-be retirees is study the options that the super fund offers. Would-be retirees should also think about taxes and social security, including their age pension, because every penny counts when retirement funds are the only source of income.Would-be retirees should listen to expert advice on how to handle their retirement funds, particularly during times of recession.
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