Are you ready for retirement?

Hey Baby Boomers, are you ready for retirement? Aussies are improving their financial planning and saving. But there is still more that they can do, particularly the Baby Boomers. The good news 51 regularly save something 67 would do DIY to save money 72% would reduce power usage to save money Interestingly 19 only save something if they have spare cash %24 (1A 25 retiring with a %, expect to retire with a mortgage expect to use their super to clear the mortgage mortgage IN FACT... 48% Feel they will probably run out of money during their retirement But, it's not too late 40 Aussies are still using their transaction account as a savings tool, where it's not earning interest $1,995 Plus Average balance that Aussies * have in their transaction account 12 tips to help you 2 Seek advice Build a buffer with a finance professional with a regular savings plan Consider salary sacrificing Uncover any potential savings pre-tax contributions to your super by having life insurance through your super fund 5 6 Compare the fees Free up equity you pay on your super fund by obtaining a reverse mortgage 8 Invest any windfalls Re-access super funds based on the last 3 years' performance from say inheritance into super or savings 10 Pay off debt Downsize the family home before you retire 11 12 Work longer Reduce expenses or consider working part time by setting a weekly budget Legal stuff, but nothing sneaky: RaboDirect is a division of Rabobank Australia Limited ABN 50 001 621 129 AFSL no. 234700. Read the terms and conditions before making investment decisions. Source: RaboDirect 2013 National Savings & Debt Barometer RaboDirect Rabobank The straight talking online bank