Anyone nearing retirement age will tell you the years slip by, and building a sizable nest egg becomes more difficult if you don’t start early. You'll also probably acquire other expenses you may not have yet, such as a mortgage and a family.
Some of us dream about the day we can finally stop work and do all the things we never have time for. The chance for extended travel without having to race back to work, to pursue hobbies, make a sea or treechange or spend time with the grandkids.
Some love their work and want to keep contributing as long as possible, perhaps working part-time into their late 60s and 70s. Others simply put off thinking about retirement, either because they’re too busy, they find the subject boring, or they’re fearful they won’t have enough savings to live comfortably.
Whether you’re keen as mustard or in denial, the sooner you start planning the better your chances of making the most of your retirement years. The stark reality is there could be many of them.
Today’s 65-year-olds can expect to live to an average age of 84.6 years for men and 87.3 for women, or roughly 20 and 22 years respectively. That’s a long time, and it’s only an average. Half will live longer than that, many into their 90s.
In fact, many of us could spend almost as long in retirement as we did in the workforce and that requires careful planning. So get the ball rolling by speaking to one of our SHB Financial Advisers today!