Preparing for Retirement in your 20s and 30s

Preparing for Retirement in your 20s and 30s

Whether due to healthy eating habits or regular exercise, people live comfortably in their 60s and even comfortably enter their 90s. With this in mind, it is of the essence that you plan out how to live in your old age. The best time to start saving for retirement is in your 20s and 30s. Proper research and planning will help you execute the most suitable retirement plan for you. Below is a step by step guide that will help you to attain your retirement savings goals:

1. When in your 20s

Research and comparison will help you decide on the best superannuation that ensures your financial needs are met when you retire. For the most part, you want a retirement fund that has the best short and long-term performance as well as an established track record.

Brisbane financial planners will help you get the best super fund. You may also want to use online comparison apps such as can star and Finder before deciding on the final superannuation for you.

Depending on the various semi-permanent jobs you've held, you are bound to have more than one superannuation. You must combine all your supers into one for easy management and tracking. Tools like ATO online and reliable institutions such as Brisbane Financial Planners will help with the consolidation process. It is advisable to take more initiative and add more to the contributions beyond what is expected. It is easier to save more in your twenties because you have responsibilities and more money to contribute.

2. When in your 30s

For most people, your thirties will have significant differences from your twenties. These changes can be attributed to better job opportunities and other lifechanging events like buying property and marriage.

The most important tip here is to be realistic and budget without fail for that retirement fund. You can look into budgeting books and Brisbane Financial Planners to guide you to divide your money, both for spending and saving appropriately. Sacrificing a small amount from your monthly salary will go a long way in embellishing your super contributions. Brisbane Financial Planners can provide you with the muchneeded clarity on the relevant contributions as per the fund. Ill-health is unpredictable and can strike at any moment. Therefore, it is wise to get a medical insurance cover for you and your family that puts you in a better financial situation to meet the extra contributions.

With a bit more effort, your employer's superannuation, together with your addition to the fund, will help you live stress-free when you retire. You do not necessarily have to go with your employer's choice of a fund but shop around for one that suits you better. It all comes down to the risks attached to the

fund and the amount of time you have to make a significant change with your contributions. Always seek professional input before you settle for the fund of your choice. You will surely reap the benefits of an enjoyable and relaxed time when you retire if you regularly take care of the superannuation.