Sure we don’t know where we will be in 10-20 years, and whether we will be financially ready to retire. But as the saying goes “Failure to PLAN is Planning for failure” – do nothing and allowing chance and hope to work for you is no plan at all!
Interesting is that 40% of business don’t have any plan according to a NAB bank survey, and that a plan can increase sales by 63% and profit/return by nearly 60%. If writing a plan for a business DOUBLES the chance of achieving goals, there is every chance the same applies in all areas – the issue is Dedication to thinking through what is the goal, and then Commitment to sticking to the plan! (See: Australian Business Woman’s Network, Small Business Trends)
A similar trend occurs with retirement planning. Kate Kachor, in Financial Observer writes –
Close to 40 per cent of working Australians did not know the age at which they would retire, according to the Australian Bureau of Statistics (ABS). The ABS “Retirement and Retirement Intentions Australia” report found 1.4 million out of 3.7 million employed Australians could not pinpoint an age at which they would retire. Of those who could indicate a retirement age, 49 per cent said they planned to retire between the ages of 65 and 69, while 25 per cent said they expected to retire between the ages of 60 and 64, the report released this week said. Seventeen per cent said they planned to retire from the workforce at the age of 70 and older, 9 per cent said they intended to retire between the ages of 45 and 59.
Mike Taylor, at Money Management reports –
Nearly half of Australians aged over 45 years expect that they will remain in the workforce until they are 65, with 17 per cent expecting to remain working until they are 70, according to the latest data released by the Australian Bureau of Statistics (ABS). The data, contained in a survey released by the ABS this week, suggests Australian workers have developed a similar post-global financial crisis mind-set to their counterparts in the US, with most expecting to have to work longer. However, the same survey showed that people who retired inside the last five years were more likely to have left the workforce at an average age of 61.5 years.
The survey had 2.3 million people give an age they expected to retire at. Have you considered the 5 simple, key questions that are the basis of a plan?
- WHERE you are NOW
- What you WANT to have in retirement
- WHAT that lifestyle will COST
- What you NEED ($) to get that income to cover the costs (could a Self-Managed Super fund help you?**)
- What to DO NOW
Click for your FREE one-page template Download 5 Steps
** Interested to know what self-managed super (SMSF) is all about, how to get setup FREE and if it is for you? We have FREE seminars and bonuses every month – Self Managed Super Fund Roadmap (all you need to know) for the next monthly event, see 1 SMSF – FREE Seminars or call us 0407 361 596