If you haven’t already guessed it (or if you read the title of the article), I’m talking about retirement. But before us both end up day dreaming together of the wine and sunsets, there’s something more important we need to discuss.
Research from financial services company, Spaceship, found a whopping 34.4 per cent of all respondents between the ages of 50 and 59 reported feel “insecure” about their personal finances.
14.6 per cent reported they feel “very insecure” and only 3.8 per cent reported feeling “very secure” with regards to their personal finances.
So, what does financial security look and feel like? Well, it really depends on you, but it could be somewhere along the lines of:
- You don’t lose sleep over finances
- You’re not late with payments
- You don’t feel guilty spending on yourself every now and then
- You feel like you can enjoy your life
- You’re still able to save and stick to a plan
- You feel in control of your finances – never dominated by them
If you’re leaning towards to the “insecure” side rather than the “secure” – there are things you can do to shift this back around in your favour.
Things you can do to get back on track:
- Clarify your goals. These gives you something to work towards, and more importantly, the why you want to achieve these things. Think of how you want to spend your retirement years, not just how much money you want.
- Make a budget and go through your spending habits. Identify how much you have coming in, what needs to go out and how much you can save. It’s one of the best way to see if there are areas you can cut back on.
- Speak to a financial adviser. There’s a common misconception that you leave speaking to an expert until the time comes to retire. However, having an expert on your side can help identify strategies that you could implement now, to see you build your wealth and superannuation.
Whether you’re not feeling secure about your financial situation, especially when it comes to retirement – or simply want to just learn of strategies that you can implement now to see you living a great retirement, contact your FinChoice adviser today.