When it comes to money, every Australian wants to build up their wealth. More so, when it comes to retirement, many retirees do not have enough money in their superannuation to sustain themselves and live comfortably.How do we resolve this? Let’s dive into it.
Table of Contents
PREPARING YOUR FUTURE.
Currently, the life expectancy for men and women are 80.7 and 84.9 years old, respectively. However, putting this into greater perspective, the average retirement age is 62.1 years old for women and 63.6 years old for men. This means, on average, Australians will spend around 20 years of their life in retirement.
What this also means is that during those 20 years, you will be without income and will have to rely on superannuation.Is the average Australian’s superannuation enough to sustain them?
According to BT (A subsidiary of Westpac), when reaching retirement age, individual Australians have $324,525 in their superannuation. However, this is not a significant number considering that the suggested superannuation by The Association of Super Funds Australia states that the amount required for a comfortable retirement is $640,000 for couples and $545,000 for singles.
This shows that many Australians enter retirement with insufficient funds.
INCREASING YOUR RETIREMENT FUNDS
In Australia, 9 out of 10 Australians experience a dramatic drop in their standard of living in retirement.This means that almost all Australians require more retirement funds- since their superannuation is insufficient.
To combat this, one of the best ways to increase your retirement funds is through building and developing a passive income stream for yourself.
PASSIVE INCOME THROUGH PROPERTY INVESTMENT
One of the best ways to create a passive income is through property. Investing in property is one of the safest and most secure investments you can make. This is backed by the property market’s history of an upward trend of increasing value over the long-term. This continually increasing property value continues to occur despite other mitigating factors such as interest rates and pandemics.When you invest in property and continue to grow your property portfolio, you can earn a passive income. This is through both rental yield and the equity that your property will generate over time. Through having investment properties, future you will reap the benefits of the passive income you will earn. This could be seen in the significant boost in funds you would experience during your retirement.
FINAL WORDS
Think it’s time to make a move on your property journey?Investment properties are one of the best investments you can make, which would best benefit future you!
We will help you find your goals and build a strategy for you.To find out more about where, why, or how, contact our team at St Trinity today by clicking the below link.
