Inexplicably, time seems to move faster as we get older. That means every day you put off planning the funding of your retirement is another day wasted. You could end up retired (planned or unexpectedly) with insufficient funds to retain your current standard of living.
A new government study shows that only 10% of those over 50 are certain they have enough money saved or invested to enjoy the lifestyle they want when they stop working.
Of those already retired, a quarter say they don’t have the money to do the things they want in their retirement. The study also found almost half of people over 50 are yet to figure out how they’ll reach their retirement goals. Among those approaching retirement, 54% say they have some form of financial plan. However, the degree of planning is varied, with only about a quarter having planned thoroughly.
Forty-two percent of non-retirees have calculated the regular expenses they would need to cover, and 34% have worked out how much they would need on top of NZ Superannuation to give them the lifestyle they want. As a financial advisor, it’s encouraging to see some of those approaching retirement doing some planning, but many are leaving their plans to the last minute.
If you don’t wish to be spend your retirement in straightened financial circumstances, call me today to arrange for a chat.