“When is the best time to start planning my retirement?”

“When is the best time to start planning my retirement?”

“When is the best time to start planning my retirement?

It’s a question we get asked a lot, and often by clients who wish they had started planning and working towards their dream retirement a little earlier than they did.

The ideal time to get started on building your retirement nest egg is when you first start earning a wage and receiving super. When it comes to saving for retirement, time is most definitely on your side, as you benefit from compounded returns. That means the interest you are earning on your superannuation savings is paid back into your super account and then also earns interest. So, the earlier you engage with your super and maximise how much you are putting into it, the better.

While it might seem backwards to worry about financing your retirement before you think about meeting any other financial goals, starting early gives you much more flexibility later on in life because compounding is so powerful.

Even if you are a long way out from retirement it’s a good idea to make sure you are being paid the correct amount from your employer, ensure that you are comfortable with the way your super is being invested and check in with your balance from time to time.

As you get older and closer to retirement, it’s time to get more active and if you are a bit of a late starter don’t panic. There are ways to make additional contributions if you need to make up for lost time.

In any case whether retirement is way off or just around the corner, the most powerful thing you can do is put a financial plan in place. Our retirement planning experts can work with you to look at what you want for your retirement, then put a plan in place to help you achieve the retirement of your dreams, whether it’s something you have been working towards actively for a long time or whether you are just getting started.

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