The biggest regret of Australians who are retired or semi-retired is that they didn’t start saving for retirement earlier, with the majority saying they wished they’d started saving 20 years earlier. It’s too late for them to make a difference and it’s only at that late stage that many realise they will be faced with a huge shortfall. This means that right at the time they stop working and have all the time in the world to enjoy, they have to drastically reduce their lifestyle because they don’t have enough money to fund the lifestyle they had while they were working. OUCH!

Hindsight is a powerful thing, but unfortunately they can’t turn back time. Those coming after them can learn from their regrets though.

When it comes to making the most of your money, time is your friend. You don’t need to live like a pauper and save every cent nor do you need to take great risks with your money. However, you do need to give yourself the time to put in place simple and proven strategies to ensure you can live a great lifestyle while you’re working and when it comes time to retire.

Given we’re now in an election campaign, it seems apt to paraphrase the PM:

There’s never been a more exciting time to be an Australian if you want to take control of your financial future.

Just remember, it’s your money and it’s your future. And no one is going to care as much about either as you do. Therefore, the best person to make decisions about your money is you.

BUT… don’t wait, take action now because as our older Australians will tell us, hindsight is useless… plan ahead.

Cheers,

Daniel