.jpg)
There’s been a spike in baby boomers looking to retire earlier, according to the data.
There’s been a spike in baby boomers looking to retire earlier, according to the data.
The cause?
Yep, you guessed it.
COVID.
Given the craziness of the past few years and having our lives completely upended, if you’re edging close to retirement, who could blame you for wanting to fast-track to a life of leisure.
I know I would.
Let’s dig into it from a financial perspective.
Hypothetically, let’s say you’re 10 years off being in a position to, but want to retire ASAP.
There are basically two massive considerations you would need to make.
The first is relatively simple at a superficial level, but with real-world consequences at a practical level.
The first is this…
You could simply readjust your lifestyle and expectations of your post-retirement life.
Put simply, if you could make this decision, own it and be comfortable with the consequences, you would effectively need less money to retire, feasibly allowing you to bring your retirement forward.
The second is working out how to fast-track your current investments to fast-track your retirement.
Here, if, say, you know that, based on your lifestyle, you’ll need $80K a year to live on, you need to work out the total number.
Meaning, let’s say, hypothetically, you need $2M, but your current position is $1.5M.
It would then be a case of implementing a strategy that’s going to help you bridge that gap sooner than having to wait, say, another 10 years
The Albanese Government has delivered a Budget that reshapes the investment landscape for Australian households. Here are the changes that matter.
As EOFY approaches, increased financial activity creates opportunities for scammers using urgency and confusion to target individuals and businesses. Common scams include fake ATO messages, phishing emails, invoice fraud, and too-good-to-be-true investment offers designed to steal money or personal information. This article outlines key warning signs and simple steps to help protect your finances and stay safe during this busy period.
Moving a loved one into aged care involves emotional decisions alongside complex financial choices, particularly around what to do with the family home. Selling the home can impact Age Pension entitlements and aged care fees, but with careful planning, the proceeds can be used to improve cash flow and manage costs effectively. This article explains key options and highlights how the right advice can help protect financial outcomes and reduce stress during the transition.
Stay in the know with the latest updates, insights, and exclusive content delivered straight to your inbox.
