Top financial goals for retirement
The theory that goals are more likely to be achieved when they are written down is true. This applies to everything from weight loss to organising your finances. Once you know what to want to achieve, start putting pen to paper, write down all the things that need to be taken into account as well as timeframes and costs.
So, let’s start with the Top 3 goals that apply to retirement:
Pay down debt
This should be a priority for any stage in life but is more relevant in the lead up to retirement. Since you work hard to earn income to live and pay the necessary bills, avoiding the payment of interest is money you could save or utilise to achieve your version of Financial Freedom. Start with paying down your Credit Card, Personal loans and Mortgage. In short, being debt free puts you in the best financial position possible and also provides you with an improved emotional position knowing you own everything outright.
Set some life goals
Having a plan and knowing where to go is the start of the journey and hopefully a more meaningful life. Try setting short, medium and long-term goals along with timeframes and costings. For example:
Short term: Travel to Europe in the next 2 years for $25,000
Medium term: Purchase a new car in the next 5 years for $40,000
Long term: Retire from full-time work at age 60
Once the goal is written down you then need to ensure everything you do and spend relates to achieving that goal. I appreciate that goals change along the journey of life, but I would rather have a plan or roadmap to lead me in the right direction.
Take control
Become financially aware of your overall financial position. Start with a budget and treat it as a method to determine what you can spend, not what you have to save. Be aware of how the Superannuation system works, how your fund is set up and what options exist. These are things within your control via some research or seeking the experience and guidance of a financial planner. You will then be in a position to make informed decisions.
Ultimately, that is all we want to have, enough knowledge and information to make the best decision possible.
Following the above goals or steps is a great way to start towards having an amazing retirement.
Wayne Haller Pty Ltd (ABN 18 010 334 102), trading as Hallerwealth is an authorised representative and credit representative of Hillross Financial Services Limited ABN 77 003 323 055, Australian Financial Services Licence and Australian Credit Licence No. 232705
This information is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters.
