Retirement! Time to ditch the alarm clock and embrace more personal freedom. To take up new hobbies, smell the roses, hang out with your nearest and dearest, maybe even plan some extended travel adventures.
That’s the dream. But if you are still getting up to that morning alarm to work at peak capacity, the chance to step back from the workplace can seem distant.
It’s not, according to those who have gone before. The years between flat chat and stepping back often fly by.
If you want to be in the best shape possible by the time you reach your preferred retirement age (or even earlier if finances permit) the best favour you can do yourself right now is to take a serious look at your personal balance sheet.
All too often we approach our retirement savings goal back to front, by shooting for a pre-determined super balance, while ignoring our current spending and future income needs.
This might work in some cases, but it’s not the smartest way to ensure that your retirement savings last the distance.
There is a better way of planning retirement income. A more measured approach based on your actual spending patterns, not vague assumptions, puts you in control of both incomings and outgoings, so you are ultimately in control of how long your money is likely to last.
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