Get your finances in order for later in life!
Our golden years are a time that many of us often spend our time daydreaming about. Who doesn't like the thought of dipping out of full-time work forever to spend time doing things you love?
But one aspect that many of us can neglect is actually planning for it. How are you going to live your years post-employment? And, more importantly, what is your money going to do for you during these years? If you haven't thought about this yet, getting in touch with a wealth coaching expert is crucial, as retirement is right around the corner for many of us!
And interestingly, a new survey has shed light on what Australians plan to do once they reach retirement.
The MLC Quarterly Wealth Survey for Q3 showed a large number of Aussies plan to cut their spending on certain expenses after they hit their golden years. This includes costs like entertainment, dining, home improvements and spending on their kids.
Keep in mind that cashflow can be important as ever during retirement, as it often means living on a strict budget.
Results also show that Australians seem to be undecided about what to do with their homes. Just under 10 per cent say they'll draw equity from their family home in order to fund retirement, while a large proportion say they're unsure what their move will be.
While it might be a while off, retirement is sneaking up on us every day. Before you reach preservation age, or if you aim to retire earlier, be sure you've thought out how you're going to get there!
What property investment can do for you
While some people choose to invest in stocks, bonds and other assets during retirement, property is another option. This asset can be very easy to understand when compared to other investments, especially for those who already own their own properties.
By using equity in your family home, purchasing a brand new Queensland rental property is simple. It means you won't have to spend years saving up a big deposit, as you can use money you've already built up in your mortgage.
Remember that property is a long-term game, which is why you need a well-thought out strategy to support you and your goals.
Property can be a very useful tool during retirement, as owners can use weekly rent to help supplement their income. There's also the easy option of getting your portfolio managed, meaning more time relaxing and less time working – what golden years are made for!