Somewhere in our 40s, 50s or 60s, each of us wakes up to the reality that retirement is not as far away as we thought. And a burning question we start to ask ourselves is “how can I get my savings retirement ready, and quickly?”
For anyone in that situation, there are seven good places to start, not all of them strictly financial. Let’s explore them, in order of the importance I place on each.
Being smart with your cash can help fuel your savings swiftly.Credit: Simon Letch
Work on your vision for the years ahead
I think the most important thing you can do to fuel your savings plan is to start building a vision of the years ahead of you, before and after retirement, and work to share that vision with your partner if you can too.
Some will scoff and say that’s a waste of time, but the reality is, pre-retirement and retirement aren’t what they used to be. Changes to our life expectancy in the last 50 years means we now have 25 to 35 years from the age of 60 to fill with living.
So build a vision that takes in things such as where you want to live and at what standard of living, what types of trips you wish to take, and whether they’ll be more active or more expensive in the earlier years of retirement, whether you hope to work through the years before and after retirement, and at what intensity.
Think about your values, skills and what you want to be doing with your time during these years too. Then, use that vision to fuel your hunger to focus on your retirement savings.
Really embrace compound investing
The whole premise of compound investing is that you begin stashing money into long-term investments as early in life as possible, so you let time do the largest amount of work for you.
How to fuel up your retirement savings faster
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23.02.2024
Somewhere in our 40s, 50s or 60s, each of us wakes up to the reality that retirement is not as far away as we thought. And a burning question we start to ask ourselves is “how can I get my savings retirement ready, and quickly?”
For anyone in that situation, there are seven good places to start, not all of them strictly financial. Let’s explore them, in order of the importance I place on each.
Being smart with your cash can........
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