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Be ready for your future
Your 20’s
- Start implementing good saving habits
- Avoid temptations such as overspending on clothing items and entertainment
- Start saving for a home deposit or if you own your own home, pay extra amounts off your existing mortgage
- Make extra superannuation contributions
- Set life insurance protection in place now in case poor health in future restricts obtaining
- Consider further education/training to increase your capacity to earn a higher income
Your 30’s
- Pay additional sums off your mortgage debt
- Continue extra contributions to your superannuation
- Consider building up an emergency cash fund for unforeseen events
- Protect your biggest asset, YOU, and your ability to earn income by ensuring you are fully covered for death, disability and income protection insurance
- Consider commencing investments other than superannuation and home ownership
Your 40’s
- Set your mortgage payments so you can reduce your debt as quickly as possible
- Further increase your additional superannuation contributions
- Commence investments other than superannuation or home ownership
- Become more aware of your retirement lifestyle aspirations
- Seek professional advice on maximising your retirement payout and income
Your 50’s
- Have all your non-deductible debt (mortgage, personal loans etc.) paid off
- Continue increased superannuation contributions
- Consider reducing insurance cover to save premium costs if your debts are paid off, children are now independent
- Detailed planning for your required retirement income based on your lifestyle objectives
Over 60
- You will know your preferred retirement lifestyle activity
- You will know your annual retirement budget, one-off expenditures, travel and lifestyle plans
- Seek professional advice to determine the most effective strategy to optimize your retirement income and lifestyle activities
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