Studies show that most people spend more time planning the next holiday than ever spent on preparing for retirement – but it is not hard at all!
Consider if you are a –
- Woman and want to retire at the age of 65, then you need to plan to be living the life of a retired lady for, on average, nearly 22 years – possibly as long as your time in the workforce, or time spent rearing children
- Man, life expectancy is closer to 20 years at age 65. (Sourced from AIHW)
Retiring at the age of 60 will mean that you need to finance 25 years (male) to 27 years (female) of your life in leisure.
The 5 Steps to Plan for Retirement are –
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