When you visualise your retirement, what do you see? If you’re like thousands of other Aussies, chances are you think about getting stuck into a hobby, spending more time with your family, seeing the world, or exploring the great outdoors right here in our own backyard. Whatever your image of the ideal retirement, it gives you something to work towards; a goal to keep you on track.
You may or may not be surprised to learn that many people have shifted their goal posts, so to speak. Early retirement is now one of the top ambitions amongst those getting ready to give up work. A global survey of pre-retirees by HSBC revealed that nearly three quarters (74%) of Aussies aged 45 and over would like to retire within five years, but 43% say they won’t be able to do so.i The ABS’s stats are a bit more conservative – 30% of people (all ages) want to retire before 65, the official retirement age right now.ii
Perhaps you’re one of those who’ve dreamed of retiring while you’ve still got the energy and drive to enjoy your time off. But have you thought about how you will afford it?