When it comes to your retirement, your finances and your business: no-one’s coming to your rescue. In other words, all of those things are your responsibility. That might sound depressing, but it could also be viewed in a positive light. Imagine the possibilities when all those things are in your control.
This one is particularly aimed at people around the age of 55. Why? There’s one simple reason. You are in a slightly different situation to the generations below and above you. Someone who is 25 is probably going to get 12% of super contributions all their life from their employer. Someone who is 75 is probably getting the age pension from Centrelink. But for those around 55, no-one is coming to save you. You are wholly and solely responsible for your retirement outcomes.
Yes, it sounds dark – we know. But the fact is, the only way to make a proactive change is to realise that it’s your own responsibility to change the outcome (if, for example, your superannuation balance is not where you would like it to be). Your outcomes are in your control.
While there might be money going into your super, no-one has come and told you that you need to take responsibility and live off your own savings in retirement – and for that to be enough, you’ll need to make voluntary contributions, too.
The good news is: you can do it. We know you can. We see our clients doing it all the time. It’s about making changes and sticking to them – and having a recurring payment going into your super. Your habits need to be regular; structured. But it’s okay to start slow. Think of it like a boot camp. Or running a marathon. You don’t get up one day and run 42 kilometres. You need to take one step, then two, then run a kilometre, then two, and so on. And we promise, it’ll get easier. Even if you only have ten years left, you can still make a significant difference. And, in the same way that getting fit and healthy is your own responsibility, so is your retirement.
Dallas Davison, Michael Hogue and Ali Hogue.