Rev up your retirement savings by working out how much you’ll need

Perhaps you’ve already heard a lot of people saying that planning for a comfortable retirement is not an easy task. It takes a lot of planning, time and effort. At times, it may seem like an overwhelming job, but if you start as early as now, this goal can be achieved.

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Planning for your retirement as early as today can help you achieve your goals and allow you to maintain the lifestyle that you want in your later years. Starting early can help you keep on track on meeting your retirement goals. Unfortunately, there are many Australian employees who don’t know if they are saving enough for retiring comfortably. Due to lack of planning, these employees fall into the “unknown” category.

Having at least a basic plan can help you take control of your journey towards a comfortable and successful retirement. This will also help you gain confidence.

The first step of an effective retirement plan is determining what you will need to retire. Even if retirement is a long-term goal a ballpark estimate will do. You can estimate what you will have available by looking at your current investments and retirement income sources. Then, calculate what you need to save annually to meet your retirement goal.

Once you’ve done creating your retirement plan, the next step is implementation. If you want your plans to become successful, you need to execute. This can be a challenge since procrastination will serve as the biggest roadblock on your path to financial independence. You need to be disciplined and focus on your long-term goals.

With enough planning and sheer will, retirement planning doesn’t have to be difficult. But how much money will you need in order to achieve a successful retirement?

Check out this article from Perth Now and learn how much you’ll need to retire comfortably: