Consider these realities…
We are living longer healthier lives. Years gone by, you worked to 65, hopefully owned your home and had a little saved, generally you could expect to live to your mid 70’s if you were lucky. AMP paid out their life insurance to people who reached age 72. With your savings and aged pension you could get by…
These days you are more likely to be fit enough to work well in to your late 60’s and live well in to your eighties. Your choices in when and how retirement is for you, are really dependent on generating wealth early. If you stopped working today, how many weeks could you maintain your current lifestyle before having to go back to work? Good question to ask yourself.
As of October 2011 the aged pension is: Single $689.00 per fortnight, Couple $519.40 ea per fortnight. And according to the ABS over seventy five percent of Australians over 65 currently, live on less than $16,000.00 per year. It’s not rocket science, if you want to be in a position to not rely on winning lotto, or an inheritance to retire on a reasonable income, you need to start investing now.
The earlier you start, the earlier the choice of whether you continue to work or not is truly yours.