Hot Issues
spacer
Ranking of the world's best: Taking it personally
spacer
The value of advice - Behavioural Coaching
spacer
Our Advent calendar for 2018
spacer
Compliance, tax advice in strongest demand from SMSFs
spacer
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
spacer
Franking credit policy to dent retirement savings by 15 per cent
spacer
Information needed to be the BBQ expert.
spacer
Hungry for income? Choose carefully.
spacer
Retiree self-protection: A volatility-and-downturn 'bucket'
spacer
How financial advice helps create wealth.
spacer
Superannuation gender gap narrowing, research shows
spacer
All the stats you need to see how Australia is going.
spacer
Market downturns, like this one, are to be expected
spacer
ATO claws back $850m in unpaid SG in FY 17-18
spacer
‘Hefty penalties’ with TRIS payment failures, SMSFs warned
spacer
The global financial crisis: Behind us but far from over
spacer
'Huge' professional risk in SG delays, big four firm warns
spacer
What a financial adviser can add to your portfolio's returns.
spacer
ATO updates crypto guidance
spacer
Reverse mortgages: Short-term gain, long-term pain
spacer
ATO set sights on 27,000 funds in ongoing crackdown
spacer
ATO zones in on hundreds of newly created reserves
spacer
A dynamic approach to retiree spending and drawdowns
spacer
Your investment freedom-maker
spacer
Living expenses for retirees on the rise
spacer
Still a long and bumpy road to travel on the way to a U.S.-China deal
spacer
Smart spouse investing
spacer
How financial advice helps create wealth.
Why your retirement intentions are critical

Have you given much thought to the age that you might eventually retire?

       

 

Thinking well ahead about possible retirement timing is a fundamental part of financial planning – no matter whether you have spent years in the workforce or have just started your first job.

In short, having an intended retirement date in mind helps us to calculate how much we should regularly save to meet that target.

Fewer people than in the past leave full-time work on a Friday to begin full-time retirement the next day but rather ease their way into retirement, if possible by first switching to part-time work.

Of course, many of us would like to assume that we are in control of the timing and shape of our eventual retirement. Yet things often turn out differently in reality.

The most-recent Retirement and retirement intentions, Australia report, published by the Australian Bureau of Statistic (ABS) in December, provides an insight into our plans for retirement.

Of the 4.9 million people aged 45 and over in the labour force in 2016-17: 79 per cent intend to retire in the future. The remainder either hadn't made up their minds whether to eventually retire or intend never to retire.

Of those who aim to retire:

  • 50 per cent intend to retire between 65-69.
  • 23 per cent intend to retire between 60 and 64.
  • 7 per cent intend to retire between 45 and 59.

The average age for intended retirement is 65. By comparison, "recent retirees" – meaning those who retired over the past five years – had an average retirement age of just under 63.

 

Robin Bowerman, Head of Market Strategy and Communications at Vanguard.
22 February 2018
www.vanguardinvestments.com.au

Pattinson Financial Services Pty Ltd ABN 17 121 851 376 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd
ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523

Tel: +61 2 8850 6888 | Fax: +61 2 8850 6407 | Toll Free 1300 466 637 | PO Box 6253 Baulkham Hills BC NSW 2153

site By PlannerWeb