To be honest, I am not a fan of the word ‘retirement’. It often conjures images of slippers and watching Days of Our Lives.
What I prefer is ‘choice’ – the choice to work, travel, volunteer or slow down on your terms.
So how much do you need? That depends. First, we need to understand you, your lifestyle, hopes and expectations. Then, we design a strategy to support your version of retirement and your aspirations.
There is plenty of noise online about how much is ‘enough’. But your goals are not the same as someone else’s, so don’t compare.
This is where advice matters. In helping you to understand your current position, your adviser can create a tailored strategy so you don’t just hope things will work out.
Importantly, life doesn’t follow a script. We all face curve balls, unexpected health issues, career changes and family events.
A good strategy allows you to pivot without panic. And yes, the most common thing I hear is: “I wish I’d started sooner.”
My advice is to start. Financial advice may seem like an added cost but the value it brings through smarter planning strategies, tax planning, avoiding costly mistakes and having someone in your corner makes it worth every cent. I always say: “Hope is not a strategy.”
Mandy Newman, Director, AJN Financial, 15/13 Poinciana Avenue, Tewantin, 5430 6631, ajnfinancial.com.au
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