A half-baked financial future won’t cut it
A half-baked financial future won’t cut it
- September 14, 2016
- Posted by: Daniel McGregor
According to new Roy Morgan research*, people intending to retire in 2016 have a net wealth of $281,000. This does not include the value of the family home, but there’s a reason for that – the place you live in produces no income. Given a single person currently needs $545,000, and a couple $640,000, for a ‘comfortable’ retirement, these figures suggest most people are working their whole working lives to then live a half-baked retirement. How disappointing!
I have met plenty of people in this boat when they reach retirement. Sadly, it’s too late to bridge that gap and the only thing that can be done is to try and manage what they have to make it last. Even sadder is the knowledge that if they’d done just a few small things differently during their working lives, their financial future could have looked a whole lot brighter.
The people that do those small things are the ones who end up looking like the retirees you see in ads, that is, enjoying holidays, cruises, wining and dining and ‘living’ their retirement. Often, those people aren’t actually the ones who earnt the most. Instead, they were the ones who did the simple things needed to create wealth.
Wealth Train is helping people learn what those small things are. We’re making quality financial advice accessible to people in regional NSW. We’re helping people who have been uncertain of what to do get the information they need to make confident and informed financial decisions.
Get in touch!
Cheers,
Daniel
* Roy Morgan’s “State of the Nation – Spotlight on Finance Risk” report surveyed over 50,000 people about their retirement intentions and their readiness to fund their own retirement.