The $14 billion cost to increase the age pension by just $32pw for singles
and $10pw for couples shows the huge cost
of even a small increase. With the number
of retirees set to double, you have to
be prepared to look after yourself.
The facts are that another 4 million people will retire in the next 20 years. By 2047, a quarter of all Australians will be retired and living longer lives than ever before. The costs to the medical system alone will be staggering.
How will these enormous costs be funded? The short answer is that they can’t be, and more and more, retirees will have to fend for themselves. The budget forecasts over $300 billion in debt, but little of this benefit will reach pensioners.
What does this mean for you?
• You have to take stock of your current situation and work out;
- How much you have accumulated now
- How much you will have accumulated by the time you retiire
- How much you will need as a lump sum to maintain your desired lifestyle
• If there is a gap between (2) and (3) i.e. if you face a future shortfall, then you have to develop a strategy to overcome this.
We have helped thousands of families through this process, and most of them have faced the same kind of funding gap and have needed to act to change their future prospects.
The key ingredients are leveraged investments, capital growth, and the TIME that compounding needs to do its work. You should review your position regularly, and we can help you with this and develop a strategy to solve your future challenge.
Contact us on (02) 9687 3601 or email us at info@mccarthygroup.com.au
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