𝐖𝐚𝐧𝐭 𝐭𝐨 𝐞𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝 𝐢𝐧 𝐫𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭? 𝐓𝐡𝐞 𝐤𝐞𝐲 𝐭𝐨 𝐲𝐨𝐮𝐫 𝐝𝐫𝐞𝐚𝐦 𝐭𝐫𝐚𝐯𝐞𝐥 𝐚𝐝𝐯𝐞𝐧𝐭𝐮𝐫𝐞𝐬 𝐢𝐬 𝐚𝐥𝐥 𝐢𝐧 𝐭𝐡𝐞 𝐧𝐮𝐦𝐛𝐞𝐫𝐬.
Here are the steps:
Plan early. The sooner you know your numbers the longer you will have to bridge any funding gaps.
Define Your Retirement Numbers: Calculate your expenses and adjust for retirement. Don't forget to subtract debts.
Assess Your Sources of Income: Think superannuation, investments, rentals, and government support. Ensure your income will last.
Budget for Travel: Work out how much it is going to cost in today's dollars.
𝐑𝐞𝐚𝐥𝐢𝐭𝐲 𝐜𝐡𝐞𝐜𝐤: If your finances fall short, consider strategies to stretch your funds:
Extend Your Working Life: Delay retirement to boost savings, reduce debts, and let investments grow.
Part-Time or Semi-Retirement: Keep working part-time for extra income, mental engagement, & social factors
Combine Work and Travel: If you can work remotely while exploring the world.
International Travel Every Other Year: Save by exploring exotic destinations biennially.
Seek Travel Deals: Hunt for discounts and travel during non-peak seasons. More savings, more fun!
You can make your retirement dreams a reality, even without endless money.
Get creative, know your numbers, and plan wisely.
This post is a summary of an article from The November 2023 issue of WomensMoneyMagazine.
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What you need to know
This information is provided and produced by Lush Wealth - Financial Planning Advice Newcastle & Sydney. The advice provided is general advice only as, in preparing it, we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.