Preparing for retirement is not always a popular choice amongst younger employees and business owners. This is understandable, given how far into the future you have to be thinking if you start planning your retirement now. However, those who do have the foresight to start investing in their retirement end up more financially stable than their counterparts who are not too keen on planning.
Investing in Property
Apart from your retirement fund, sentinelpg.com.au suggests that investing in property is a good way to start planning for your future. You don’t want to be working all your life, well into old age, but you may want to stay busy. Retired people typically stay healthy and alert longer when they keep themselves occupied doing something, apart from checkers and knitting. In this light, investing in rental property is actually a wise move. You can manage the property when you retire from your regular job.
Earning from Your SMSF
Self-managed super funds are gaining popularity these days. The trend is using your super fund to invest in property. Buying property through your SMSF is something you have to carefully study. Note that when you use your super fund to buy a house, or a group of similar houses of the same cost, you cannot live in that house or those houses. Neither can any of your relatives. The purpose of using your super fund to buy property is to build more wealth for your super fund. Talk to your agent regarding the details of this option.
Starting a Business
If you are not into the property scene, you can also start a business. The good thing about having your own business is nobody will force you to retire at any age. You can quit your day job if the business becomes successful and demands more of your time. You can also manage it with the help of your spouse and grownup children.
There is no better age for starting your retirement savings and plans than today. As soon as you start earning money, you should begin to think about it. Start small, and add to it every chance you get. Not only is this good for your future, but it can also serve as your motivation to begin saving while you’re young.