Never too early to plan for your retirement

One of the best things we can do at work for ourselves is utilising services (especially educational seminars or workshops) provided from work as much as we can. Attending seminars can reduce our working hours as most of them are running at working time and also educate ourselves so it is like catching two birds by one stone. Am I right? So, I decided to attend two Superannuation seminars yesterday. Attending the seminars optimised value of my day by reducing 2 hours of working time (7 to 5) and educating myself to know more about superannuation. It was excellent idea to attend the seminars so I want to share with you what I have learnt from the seminars. Sharing info with others will help me to get 3 birds by one stone so it is even better, isn’t it? Let’s talk about what I have learnt.

 

The first seminar was named 'Generation Y - Super Smart' and second one was ‘Retirement Planning and Centrelink’. As a middle aged woman, I knew I couldn’t fit in any of them but I wanted put myself into both group’s shoes. As I expected I caught people’s attention from the both seminars. I was too old (?) to be called ‘Generation Y’ and too young (?) to seek retirement advice. However, it was a great opportunity to know about money and how it will impact on our life as a young person and also an old person. It was also very interesting to see people’s responses and common targets which are from totally different age groups.

 

‘Never too early to plan for your retirement’ : Main point that the instructor wanted to say in 'Generation Y - Super Smart' seminar was funny enough deeply connected to retirement. ‘Never too early to plan for your retirement’ was the main theme. Think about retirement when you are this young? Is it necessary?  If you question it, you will be late. The instructor who has been working in the banking industry for 25 years firmly emphasised how important to think about future when we are young. He exampled many of his clients who he had to deal with as a banker. He affirmed that astonishingly many number of his clients who were extremely well paid were having massive financial problems due to high maintaining costs for their luxurious lifestyle and lack of savings.  The seminar was for the Generation Y who need to realize that ‘NOW’ is the time to prepare what type of retirement they seek, and have a knowledge on the level of funding required to support this outcome. The instructor added that more than 60 % of retirees are experiencing financial hardship that forces them work longer or live on tough living conditions. Gen Y didn’t look really impressed or urged by the seminar as I couldn’t really think about old aged life when I was their age, but I couldn’t agree more. I hoped they realise that preparation for future is not that boring as soon as possible as it will become a real one day.

 

3 Tips from retirees surveyed : These 3 top tips from retirees are simple but very important as they are from retirees’ real life experiences. Please remember that some would be happy that they have saved enough money for their retiree life but most of them are regretting that they should have saved more money when they were young. These tips emphasise the importance of ‘saving habits’ from the early age.

 

1.      Start saving at an early age

2.      Start saving a small amount regularly

3.      Don’t spend what you don’t have

 

Implication of a funding shortfall in retirement will never be a glorious experience we wish to have so, start saving now.

 

Retire as early as you can : To tell you the truth, sitting in between the old people who are looking forwards to having ‘THE DAY’ or seeking for the best pension options made me feel bit sad. Some of them were already far over the official retirement age. ‘What the h… they are still working?’, ‘ How can they enjoy the freedom when they cannot even walk?’… Sorry, but I couldn’t stop questing myself. I truly wished they all have enough funding for their life dreamed all their working life. One lady in the seminar caught my attention the most was repeatedly asking questions about ‘Death benefits from superannuation insurance’. She said that she is having serious health issues at the moment and still working. Do you really want this as your case? I refuse to retire when I am too old to enjoy the freedom. What is the point? Make yourself free from the workforce as early as you can so you can enjoy the dreamed time plenteously. For that, you need to plan ‘NOW’.

 

I know it is not always exciting to talk about money, savings, future plans, retirement, financial plans, etc… because they are too much realistic. Any reason, we intend to avoid talking or even thinking about them but all I can assure you is they are ‘REAL’ and we all have to face them time to time in our life. If we prepare earlier, there will be less probability that financial hardship will invade our life and highly likely we can enjoy the freedom more. However, if we ignore or postpone dealing with reality, it will become a serious hassle in our life. So, it is all up to you. I have noticed that people listen what they want to listen so, my view can be valueless to someone but I really hope this boring talk can make you think and live bit differently.

 

What will be the next seminar I intend to attend? I don’t know yet but I am sure you will know soon. Bye for now.