Did you know that only about 6% of Australians currently have enough money to live a comfortable lifestyle in retirement?
It’s never too early to start planning your financial future. The sooner you start, the more opportunity you’ll have to build your long-term financial wealth.
Even if you own your own home when you retire, you’ll still have to pay for things like food, council and water rates, insurance, car registration, repairs and maintenance, petrol and health care. That’s before you even start enjoying yourself with any entertainment or travel plans.
Consider these sobering statistics:
- The average life expectancy for Australians is now 80 for males and 84 for females. Those ages are steadily increasing over time. That means most of us will spend longer in retirement than previous generations, so we’ll need to accumulate more wealth during our lives. Retirement periods of 20 years or more will become much more common.
- Many Australians believe that their super will be enough to give them a comfortable retirement lifestyle. But recent studies show that just relying on your super won’t be enough.
- 76% of Australians aged over 65 are not financially independent. Instead, they rely on a full or partial government pension to help make ends meet. And even though the pension certainly isn’t enough to fund a comfortable retirement lifestyle, the government is also progressively raising the pension age. By 2035, a person will have to be 70 and meet all the eligibility requirements just to qualify.
How we can help
At Maxima, we can help you take control of your financial future. We’ll take the time to understand your current situation and needs. We can also help you put a plan in place to achieve your short, medium and long-term financial goals.
Contact us for a for a free, no-obligation initial consultation.