Retirement conjures up images of leisurely walks, relaxing at the beach, lawn bowls and holidays. It’s a nice picture, but the majority of Australians struggle with stretching their retirement funds. The sad fact of the matter is that your funds might not last throughout your retirement. Luckily, there are ways you can boost your retirement fund.
Risk Profile
Your money could be wasting away in the wrong investments. You should match them to your appetite for risk. This is how your risk profile is determined. Just think about how much you could have been earning over the last decade or three if you had your investments right. Don’t be afraid to use a professional financial planner.
Leverage Your Mortgage
You can save tax money by paying extra money to an offset account. The balance can reduce the outstanding balance of your mortgage. This reduces the interest you will pay, which means your payments are paying off more of your house than paying interest. You’ll also pay your home off quicker.
Consolidate
Have you had more than employer over the years? Then you probably have a few super accounts. You can consolidate them into one account!
Employment
You may want to consider working longer or picking up a part-time job to boost your coffers for retirement. While many retirees wish they had retired sooner, you shouldn’t feel pushed to do so if your retirement funds aren’t going to allow you to live comfortably. A part-time job will provide you with an activity, social interaction, and a nice pay-cheque.
Passive Income
Before you retire (or after, wherever you are in life), look to the internet to create a source of passive income. It’s simply income that you get after you offer something. It could be a blog for ad revenue, webinars or writing an eBook. If you’re an expert at something, you have an opportunity.
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