Education is retirement silver bullet
With more than 5000 responses to the Retirees’ Voice survey, West Australians certainly did voice their concerns about retirement.
I wasn’t surprised to read that so many of you are worried about your retirement, with one-third of respondents admitting your investment knowledge and experience is not where it should be. It’s exactly what we’re hearing from our own members and is why we’re focusing on planning and education.
Many reports have been published about how you need to save, but this depends on your ideal retirement lifestyle. Therefore, weighing up how much a couple or an individual should have in savings to afford a comfortable retirement is confusing.
The best approach is to plan early, speak to your super fund and seek personal financial advice. This means you can more accurately forecast what you will need and be able to make an informed decision about which products to invest in to adequately prepare for retirement. Small savings over a lifetime can also have a significant, positive impact on each person’s actual retirement lifestyles. But sometimes people leave this too late.
If this survey triggered West Australians to think about their super, then it has served a positive purpose. We understand for some that just the thought of retirement is so complex it renders you powerless. So you do nothing and put it on your “to do” list for another day.
However, procrastination can be costly. It’s never too early to start planning your retirement. And while you’re at it, I’d suggest you start sharing some superannuation words of wisdom with the younger generation.