How To Set Up For Retirement In 2024?

Retirement planning can be a daunting task, especially in a world where financial landscapes are continually evolving. 

How much exactly will you need to retire, what should you be doing now to safeguard your future, and what could you do to retire sooner rather than later? 

On today’s The Briefing, we talked to Trish Gregory, a seasoned financial advisor, and shared valuable insights into what you need to know about retirement now.

So, how much money do you need for retirement?

According to ASFA’s budget breakdown, comfortable retirement for couples, combined, equates to an annual living cost of $70,482, while single people require $50,004.

So having retirement funds, having six or $700,000 in superannuation, by the time you hit age 67, will give you where to do it,”

she said.

She urges individuals to take control of their financial destiny by considering strategic choices, such as contributing to superannuation early in their careers.

RELATED:   Australia Faces Looming Tradie Shortage

The notion of retiring at 40, circulated by some online influencers, was debunked by Ms Trish as unrealistic for the majority. 

Drawing from her experience with members, she highlighted  the importance of financial stability over outright independence, allowing individuals the freedom to make choices, whether it’s taking sabbaticals or spending more time with family

Ms Trish debunked the myth that early retirement happens by chance, underscoring the need for intentional financial planning. 

She urged individuals to avoid the misconception that spending all income with the hope that things will magically align in the future.

It really comes down to the habits and behaviours that you have now that will lead you to financial well-being in the future.”

Subscribe to The Briefing, Australia’s fastest-growing news podcast on Listnr today. The Briefing serves up the latest news headlines and a deep dive into a topic affecting you. All in under 20 minutes.