Preparing for your retirement used to be so simple: You keep your job or build your business, bid farewell to the race after 30 years or more of hard work, and enjoy the remaining years in rest and relaxation, funded by your pension plan. However, major shifts in the global economic, political and social landscape made a dent in the stability and infallibility of this system. Inflation, or a layoff just when you are nearing the last leg of your working years, can impact your retirement savings. The company paying for your pension can go bankrupt, your insurer can fail to deliver, your savings can turn out to be insufficient as your needs change. These and a lot more scenarios can derail a poorly designed retirement plan.
According to experts, there is really no single magic, fail-safe formula to make sure you enjoy the retirement lifestyle you have always dreamed about. But with smart financial planning and help from the experts, you can build an extra layer of security for your future. Listed below are three ways to raise your retirement security:
- Sort your super. Putting aside a small part of your income to make extra voluntary super contributions can do much to boost your retirement funds. However, while your employee pension fund is usually managed by accountants in the office, voluntary super contributions is an independent endeavour – documents could get lost and deadlines can be missed if you’re the only one taking care of all the paperwork. Get your affairs in order before it’s too late. Invest in the services of retirement planning specialists who can help you find, sort and consolidate your superannuation files.
- Change your mindset. One step to smarter retirement planning is to think of it as not just a method of saving up for the time when you have no more salaries coming in, but as a wealth building strategy. Should you buy property in retirement? Should you invest in other assets such as shares and stocks, managed funds, or commodities funds? Taking on this contemporary perspective can help you boost the value of your retirement savings.
- Get help from experts. Retirement planning and superannuation consolidation can be complicated. You may need some help from specialists who could guide you in reviewing your specific condition in the context of relevant concepts such as tax regulations, insurance terms and government policies to get the most out of your savings fund. With the help of reliable retirement planning experts, you can save more, make your money last, erase your worries and anxieties, and live a full life as you head toward your golden years – just like you have always wanted.