![\"\"](\"http:\/\/evolution.liveseoservice.com\/blog\/wp-content\/uploads\/2018\/01\/FINANCIAL-ADVICE.png\")
<\/p>\n<\/p>\n
Seventy-seven percent of Australian pre-retirees who haven\u2019t enlisted the help of financial professionals1 don\u2019t feel prepared for retirement.<\/strong><\/p>\n This concerning statistic was revealed in MLC\u2019s\u00a0Australia today<\/em><\/a>\u00a0report. Of the remainder, only 9% feel \u2018prepared\u2019 for retirement and only 14% consider themselves \u2018somewhat prepared\u2019 for retirement.<\/p>\n For many Australians retirement seems a long way off. We\u2019re so busy worrying about paying off the mortgage and maintaining our standard of living that retirement planning isn\u2019t on the radar. For some, it\u2019s not even a consideration.<\/p>\n This lack of preparation for retirement is a symptom of a \u2018living for today\u2019 mindset that\u2019s emerged in\u00a0Australia today<\/em>. More Australians are living pay-cheque to pay-cheque to support a more luxurious lifestyle than their parents. They\u2019re foregoing financial planning for regular travel and entertainment and other lifestyle factors which Australians are now confusing with standards of living.<\/p>\n There\u2019s little left over after our lifestyle expenses, so the majority isn\u2019t feeling positive or confident about their retirement plans.<\/p>\n Do we think if we ignore the concept of retirement planning, in favour of managing the demands of today\u2019s lifestyle, the \u2018problem\u2019 will simply go away, or we\u2019ll just sort it out later? Or is it that we feel retirement is too far away to plan for?<\/p>\n Ironically, if we pretend retirement isn\u2019t there, it most certainly won\u2019t be \u2013 at least not how we may imagine in the back of our minds.<\/p>\n Do you anticipate the day you log off from work and become your own recreational boss? Do you picture yourself hiking a mountain, surfing, writing that book, painting that landscape, seeing that play or developing that smartphone app \u2013 not because you have to, but just because it\u2019s fun? Maybe you imagine learning the guitar, catching up with friends or taking long walks.<\/p>\n Well, if you\u2019re ever going to stop working or cut back on your hours, you\u2019re going to need a big nest egg to support you.<\/p>\n With couples needing $58,922 per annum for a comfortable retirement and $34,064 per annum for a modest retirement, and singles needing from $23,000-$43,000 per annum for a modest to comfortable retirement, those who aren\u2019t prepared will face a significant shortfall.2<\/sup>Especially if you retire at 65 and live for 25 years.<\/p>\n Australia Today<\/em>\u00a0reveals women are almost twice as likely to feel unprepared for retirement as men. Young people (aged 25-29) and those who live pay-cheque to pay-cheque are also more likely to feel unprepared for retirement.<\/p>\n For many women, career breaks to have children often means less super, and a lower annual income when they return to work. While for those under 30, retirement seems too far off to worry about.<\/p>\n The good news from MLC\u2019s\u00a0Australia today<\/em><\/a>\u00a0report is that help from financial professionals has an encouraging impact on our financial confidence and security.<\/p>\n Australians engaging the help of financial professionals are more than twice as likely to feel \u2018very or fairly well prepared\u2019 for retirement than those without a financial professional. They\u2019re also 21% less likely to feel slightly or not at all prepared.<\/p>\n Those surveyed with financial planners or advisers are also 22% less likely to expect to rely on government support to ensure their financial security (52% with financial advisers compared with 27% without) and are 10% less likely to be relying on an inheritance to ensure financial security (77% with financial advisers compared with 67% without).<\/p>\n If you acknowledge that one day you\u2019d like to stop working while still having control over your lifestyle, think about how much money you\u2019d like each year and what that means as a lump sum. We can help you put a plan in place to enjoy the lifestyle you want in retirement.<\/p>\n Please contact us on 08 8223 3774 to discuss.<\/p>\n There are many great calculators online including\u00a0ASIC\u2019s MoneySmart retirement planner<\/a>. You can also consider more actively managing your super, investigating and learning more about your investment options, risk\/return considerations and timeframes, while topping up your super when you can (depending on your tax circumstances) to boost your retirement savings.<\/p>\n Source MLC August 16th 2016 newsletter.<\/p>\n Any advice in this post is of a general nature only and has not been tailored to your personal circumstances. Please see personal advice prior to acting on this information.<\/p>\n","protected":false},"excerpt":{"rendered":" Seventy-seven percent of Australian pre-retirees who haven\u2019t enlisted the help of financial professionals1 don\u2019t feel prepared for retirement. This concerning statistic was revealed in MLC\u2019s\u00a0Australia today\u00a0report. Of the remainder, only 9% feel \u2018prepared\u2019 for retirement and only 14% consider themselves \u2018somewhat prepared\u2019 for retirement. Retirement is then, this is now For many Australians retirement seems Read more about FINANCIAL ADVICE BOOSTS CONFIDENCE IN RETIREMENT<\/span>[…]<\/a><\/p>\n","protected":false},"author":1,"featured_media":64,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/posts\/63"}],"collection":[{"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/comments?post=63"}],"version-history":[{"count":1,"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions"}],"predecessor-version":[{"id":65,"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions\/65"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/media\/64"}],"wp:attachment":[{"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/media?parent=63"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/categories?post=63"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wealthevolution.net.au\/blog\/wp-json\/wp\/v2\/tags?post=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Retirement is then, this is now<\/strong><\/h4>\n
Ignore retirement and it will go away<\/strong><\/h4>\n
How big is your nest egg?<\/strong><\/h4>\n
Women and the young are least prepared<\/strong><\/h4>\n
Financial professionals offer a silver lining<\/strong><\/h4>\n
What can you do?<\/strong><\/h4>\n