Research recently conducted by Colonial First State has revealed that:
45% of Australians are either scared or don’t feel financially confident about retiring.
23% 30-65-year-olds think that they will have to delay retirement due to Covid-19.
Covid has caused significant social, emotional, and physical upheaval for many.
The good news story however, is that people tend to be more engaged with their super and retirement right now. Even where there has been many that have participated in the early super withdrawal program, this crisis has prompted people to think about their financial goals and objectives
Here are three simple strategies to consider to rebuild your retirement savings:
- Know what you need to retire comfortably.
As your adviser, we work with you to ascertain what you need to live the life that you want to live in retirement.
- Contribute a little and often to your super.
Small top-ups can make a huge difference when you retire. If you can afford to, put a little of your tax return away. Or if there is a little extra leftover at the end of the month contribute a small amount to your fund.
- Check if you are eligible for government support.
Including the lower income tax offset. If your financial circumstances have changed recently, you might now qualify whereas you did not a few months ago