Retirement planning is one the toughest challenges for every individual. Some of you must have set aside a retirement savings account for accumulating enough to get through old age. However, reality depicts a completely different scenario as majority of Australians are headed towards low-quality retirement life standards, owing to lack of money. How can you gauge the severity of the financial challenges in planning for retirement? The following post helps you discover a few important insights on an interesting alternative you can try for resolving financial challenges for retirement.
Are You Saving Enough for Your Retirement?
The primary objective behind retirement planning focuses on ensuring that you have the financial resources required to take care of your expenses during retirement phase. Depending on your income, you may have different plans for saving money for retirement. On the other hand, some of the latest reports from the Australian Financial Review and Australian Super Funds Association paint a different picture.
Around 1100 Australians take retirement every day, with almost 1020 people retiring on pension. The average pension for a couple amounts to almost $38,000 per annum. On the other hand, an average couple would require almost $65,000 per annum for comfortable living standards. Considering the fact that these statistics offer an impression of the existing market, the scenario may change considerably in the upcoming 10 to 20 years.
Finding the Solution
You can deal away with the concerns of retirement wealth by opting for property investment. Most people would suggest that you should increase your income and work on ensuring tax efficiency. You can also look for solutions such as investing, especially in property. Property prices showed formidable growth over the course of 2021, lasting till July 2022.
The investment in property could offer different avenues for growing your retirement wealth. For example, you can use the rental income on properties for increasing your retirement wealth. Some of you can also choose the obvious option of selling properties upon retirement or retain a few according to your requirements.
Are You Ready for Property Investment?
The use of property investments as a viable tool for building your retirement wealth would deliver favorable results with appropriate guidance. You need to research the property market and its existing dynamics to discover viable opportunities for investment. At the same time, professional assistance could help you unravel credible insights regarding potential risks. Consult with expert property investment counsellors and plan for your future right now.
