Queenslanders have been urged to start making plans for their retirement early, after new RACQ Bank research found a quarter of people aged 55 or older who were planning to retire said they did not feel financially prepared.
RACQ spokesperson Graham Metcalf said the research found one in three Queenslanders surveyed felt COVID-19 had delayed their retirement plans.
“COVID-19 had an effect on everyone’s lives but the number of people who’ve changed their retirement plans due to the pandemic is concerning,” Mr Metcalf said.
“No matter what the environment, the tips to prepare yourself for retirement are the same.”
Mr Metcalf said it was important to start thinking about what you need for the retirement you want as early as possible.
“Before you decide to retire ask yourself some questions, like ‘what do we want to do when we retire?’, ‘how much will that cost?’, ‘how long are we likely going to need to support ourselves for?’,” he said.
“Your retirement budget will differ vastly depending on if you want to continue to live your life as-is, or if you want to start travelling the world in luxury.
“Once you’ve determined how much money you need, look at your finances and set some goals.
“If you’re still working, consider salary sacrificing into your superannuation or, if only one spouse is working, consider spouse contributions to help even out your super balances.”
Mr Metcalf said you should try to avoid withdrawing large sums from your super if you were no longer working and earning an income as it was unlikely you would make that money back.
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.