Just like saving, the key to successful retirement planning is getting started as early as possible. The thought of not having enough money when you can no longer work is very daunting for many people. 86% of Australians believe the government pension is inadequate for fuelling their ideal lifestyle in retirement, and 73% report that even their superannuation will not be enough.* If you’re one of these people, or if you haven’t calculated if your retirement plan will be sufficient, you should develop a clear plan as soon as possible based on robust budgeting, saving and investing.
*Australian Government Financial Literacy Foundation