How am I tracking?
The second most common question we get asked is how am I tracking?
We would argue that now more than ever it is important to become more engaged with your superannuation early and start boosting your retirement savings by making extra contributions to your super over and above what your employer contributes.
This is because the Government has significantly reduced the amount you can contribute to superannuation each year. Therefore, the days of focusing first on getting the kids through school, second on paying off the mortgage and lastly on boosting your retirement savings are long gone.
If you want to be a self-funded retiree, you now need to focus on your retirement plan alongside getting the kids through school and paying off the mortgage.
The Government’s Money Smart website contains a useful “retirement planner” calculator which will allow you to estimate in a couple of minutes what your retirement income will look like based on your current circumstances and objectives.
You can compare the results from the retirement planner to that of the ASFA’s retirement standard or ITL Financial Planning’s preferred retirement standard to get an idea of how you are tracking.
Need help to boost your retirement savings? Through proactive and professional advice, we give you peace of mind and freedom to make choices to live your best life. Contact us now.