The Problem With Retirement. The Wealth Through Property Series
When you enter the working world, you are often reminded to “save for retirement” or “make financial plans for retirement” as soon as possible. What they fail to mention is just how much money you will need to retire after factoring in inflation and your desired lifestyle.
We find statistics quite fascinating. It can tell us a lot about the population as a whole, and it can help us know where we want to be, compared to the masses. According to the Australian Bureau of Statistics, at the end of the 2019 financial year, financial security was the main factor influencing at what age people retire.
In addition, of those retiring the majority were relying on the government pension as their main source of income (49% for men and 44% for women), with superannuation coming in as their second choice (30% for men and 17% for women). It’s also astonishing to note that 7% of men and 30% of women retire with no personal income, relying on others for their financial needs to be met.
Clearly we need to be doing more to prepare for retirement and not solely rely on the government and our super. There are a few problems with retirement and how people take care of themselves financially.
Stay tuned as we take a closer look at this!
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