Ed­u­ca­tion is re­tire­ment silver bul­let

Southern Telegraph - - Retirees’ Voice - Fabian Ross Fabian Ross is chief ex­ec­u­tive of WA Su­per

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.

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 pur­pose.

It’s never too early to start planning your re­tire­ment.

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