Will your golden years really be golden?

Retirement – the golden years where you kick back without the constraints of the working week and enjoy life. 

Picture your ideal retirement.

What does it look like? Is it jet-setting around the world or simply enjoying leisurely days at home with family and friends? There’s no one-size-fits-all answer here, but a little soul-searching can go a long way.

Consider your current lifestyle and how you might want to maintain – or even upgrade – it in retirement.

With these pictures in mind, it’s time to think about your finances a bit differently now, so your golden years end up how you imagine (even if right now, it might seem far away).

We know that statistically women outlive men, which means extra years to enjoy in retirement. But the extra longevity means a need for better proactive planning, and a need to take action early to ensure those golden years can be filled with joy, purpose, and financial security.

So, how do you get started? It’s simpler than you might think.

• Set some clear retirement goals—whether it’s a certain dollar amount or the ability to live comfortably whilst taking that annual overseas trip. The Massey University New Zealand Retirement Expenditure Guidelines updated annually provides some guidance around what type of savings and investment goals might be needed per week to live either a “no frills” or a “choices” retirement, which can be used as a starting point.

• Don’t hesitate to seek advice from a financial expert who can help tailor an investment strategy that suits your needs and objectives. If you are not already in KiwiSaver, this can be part of the strategy.
  Craigs Investment Partners has 180 investment advisers across 19 branches available to help you get started and navigate towards retirement. Their goal is to make your investment journey simple and enjoyable, whilst growing your wealth for the long term.

• Don’t underestimate the power of upskilling along the way. The more you know about how to manage your money, the better equipped you’ll be to navigate the twists and turns of investing for the long-haul.
  Craigs has been running a Women’s Wealth programme since 2007 with the purpose to empower women to achieve financial freedom by providing knowledge and instilling confidence in investing. Find out about upcoming Women’s Wealth events at craigsip.com.

Recent research by US firm Fidelity Investments shows that the benefit of taking action in respect of your financial future is more than just financial.

The study highlighted that whilst financial pressure is often the biggest contributor to stress amongst women, taking action to put a plan in place made the most significant improvement in stress reduction.

Women who made three financial moves to save for emergencies, save for retirement and to think ahead indicated feeling much less stress than those who hadn’t.

Retirement is about seizing the opportunity to live life on your own terms. So, why wait? Start charting your course towards an enjoyable retirement today.

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