Tagged With retirement

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If you can’t psych yourself up to save for retirement — there are too many other things to worry about, you say, and I’m never going to retire anyway — instead think of saving as giving yourself freedom.

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One of the most common questions people have about getting their finances in order is how to possibly save enough for retirement when the numbers are so overwhelming. Life is expensive, and putting away 10 per cent of your salary per year seems painful at best and impossible at worst.

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Money management is something most of us could be better at. Whether it's bad budgeting or unclaimed superannuation, there's probably a mistake or two that you need to rectify immediately. This infographic looks at the often painful money lessons we learn during life's journey: from "young and single" to "empty nester".

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When you first start out in the workforce, superannuation doesn't seem particularly important. It's something that only affects you at retirement age - which isn't something the average twenty-something likes to think about. Fortunately, preparing for this far-off future doesn't take much time or wherewithal - and the benefits can be significant.

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It's never too early to think about retirement - especially if you're planning to escape the rat race while you're still young enough to enjoy it. Unfortunately, if you're not a canny investor and don't have a fat inheritance coming, the only option is to build a financial nest egg out of your disposable income.

The majority of full-time workers spend a whopping 70 per cent of their salary in three key areas. If you want to start saving for retirement, these are the things you need to cut down on.

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Most people have a hard enough time envisioning retirement at all, much less early retirement. Despite that, many workers have managed to quit their jobs and achieve financial independence by age 40 or even younger. Sipping drinks on the beach all day at the ripe old age of 30 sounds incredible, but there's a downside to it, too.

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One of the most powerful concepts I've ever come across in my years of studying and thinking about personal finance issues is the concept of the "future self". "Future self" is pretty much exactly what you think it is: It's you at some point in the future. It's not an optimistic version of your future or a pessimistic version of where you're headed, but instead it's as realistic as you can possibly make it.

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I had a great lunch today with an old friend of mine. We used to work together and he was a couple of decades older than I was, so today he's actually starting to see retirement on the short term horizon. He was interested in what my life was like as a self-employed person who made a living on a mix of side gigs and contracts, and I shared some of my thoughts on that, but when we got down to the real meat of the conversation, it seemed like he was mostly trying to figure out what the next stage of his life is going to look like.

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If you can swing it, paying off your mortgage early sounds like a smart enough idea. But some prefer to invest rather than throw cash at outstanding, low-interest debt. The idea is, if your debt's interest rate is lower than your investment return, you come out ahead. Here's a simple way to decide if this route is right for you.

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Watching the sunset on the beach every day. Doing a cross-country road trip whenever you feel like it. Finally devoting time to that hobby you've been dreaming of turning into your full-time gig. If you're like a lot of folks, one or all of these are something you want to do in retirement someday. And to help turn these visions into reality, you're probably contributing to a superannuation, hoping that compound growth will help you build a nest egg sizable enough to make those dreams come true.

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If you're a small business owner dreaming of one-day retiring comfortably, new research suggests that the dream may be out of reach. According to a study by cloud accounting provider MYOB, a majority of small and medium business (SMB) owners will be unable to retire with over one-third of them currently not contributing to their own superannuation. Read on to find out more.