Retirement funding

The economy may be on the rebound but it will take some time to recover losses suffered by those who rely on investments to fund their retirement.

Fido.gov.au, the website of the Australian Securities and Investments Commission (ASIC), has a useful Financial Survival Guide, for those concerned about the sustainability of their retirement income. The guide is broken down in to the following four steps:

Look after yourself – Don’t underestimate the traumatic effect that money worries can have on your physical and mental health, relationships and your outlook on the future.

Review your financial plan – It’s important not to panic when faced with a sudden drop in your investment income. Reviewing your investment goals and how much money you really need to live off will give you a clearer picture of where you stand.

Review your current portfolio – Once you know where you stand financially, consider if your current investments still meet your needs.

Strategies for the future – If there is a shortfall between how much you need and how much you have, consider other avenues of revenue and income.

Before you make any changes to your investment plan, consult an independent financial advisor. If you do not have one, you can find details of accredited advisors in your area by visiting the Financial Planning Association of Australia.

For more information of Fido’s Financial Survival Guide, visit Fido.gov.au.

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