You know you’re going to get older eventually. It’s not that you don’t care for planning for this period, it’s that you don’t have the time or the money to think about it right now. Daily life is far too busy for you to worry about the future and every day seems to bring on additional work, business, home, family and friendship related expenses and responsibilities. Unfortunately, growing older is inevitable, so retirement planning should be one of your priorities right now.
Whether you’re planning to work into traditional retirement age or kick your feet up a little earlier, the moves you make (or neglect) now will determine the quality of life you enjoy in your future. With help from a financial expert, you could get your retirement planning right while balancing the demands of everyday life. Sifting through all the information out there to separate the fact from the fiction is important, so make sure you’re aware of the following misconceptions.
Myth #1: A Hefty Inheritance Is All I Need To Be Set For Life
An impending inheritance is no excuse to desert your retirement planning, no matter how sizable it is. It would be best if you weren’t banking on someone dying so that you can live out your golden years in comfort, so plan as if you’re not going to get anything at all.
Myth #2: My Spending Habits Will Decrease Once I Retire
Have you been putting off a few dreams in the hopes that you can live them out in your retirement? If so, you can expect your cost of living to increase after you retire. If you hire a financial planner to help you with your retirement planning in Melbourne right now, you can start planning to pay for what you’d like to achieve in your later years.
Myth #3: I Have To Be 65 Or Older To Retire
This is not true. The old way of thinking about retirement was based on a time when retirement meant accessing your full government benefits. In this day and age, many people are opting to retire as early as in their 30s. The bottom line is that you can retire at any age, as long as you can afford to.
There are so many myths out there involving retirement that you may need to consult with a trusted financial planner. Chat to an expert at Beyond iWealth for all your retirement planning needs in Melbourne to ensure that the ripple effects of your decisions today have positive outcomes tomorrow.