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Saving for retirement

10 Jul 2015

Now that I work in finance, I find myself thinking more and more about my retirement plan.

While retirement age is still technically a little while away for me personally, it is a good idea to start planning for it as soon as you can.

Why?

Recent Australian research suggests that people retiring need approximately $1 million dollars to live comfortably. Thankfully, there are some ways to start us on the savings path. Some of the suggestions include things like getting an investment property, building and owning your own business, or just plain scrimping and saving from your pay.

Of course, all of this could be moot if you win Lotto, get published and become famous, or inherit a vast sum of money from a previously unknown rich uncle.

Sadly, the odds that any of the above will come to fruition are pretty slim, so I will definitely be looking at alternative options. Sorted.org.nz has several good articles, which discuss retirement income, and gives some ideas to help plan for your retirement. They even have some calculators that can help you to estimate how much you would need to save each week to have a specific amount once you reach retirement age.

So go and explore some of your options, and maybe keep your fingers crossed for that rich uncle.

Talk soon,

Money Penny