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No matter where you are in life, getting active about your super right now will make a big difference to your retirement.
It’s all about helping you get financially ready for retirement. When you’re thinking about how much you’ll need, consider these important questions:
Get a clearer view of your retirement target.
In other words, don’t put all your eggs in one basket. Diversification means you’re investing across a range of investment options or markets. It reduces the effects of a fall in one segment of the market on your overall investment balance.
You can diversify by spreading your money across various assets, asset classes or countries. This reduces risk, because poor performance in one asset class can be balanced by a strong performance from other asset classes over the same period.
We can also provide diversification within asset classes you’re invested in.
Investment markets are uncertain. Even the most experienced investor can't be sure what's ahead. So trying to predict what markets will do next and constantly adjusting your investment mix can be a risky strategy. And it may not deliver the best returns in the long run.
It’s generally better to give your investment enough time to weather the ups and downs of the market, and to reap the benefits of compound interest.
Generally, your super isn’t accessible until age 65, which means all your investment earnings add to your superannuation balance. They then attract their own investment returns (known as compound interest). It means getting interest on your interest.
You’ll be pleasantly surprised how much difference compound interest can make to your balance at retirement. The more time your super has to grow, the more you’ll benefit.
No doubt you’ve noticed that the cost of living tends to rise every year. This increase, measured by the Consumer Price Index (CPI), is an important factor when you’re looking at the performance of long-term investments like super.
Remember, if your investment is growing at a rate less than the CPI, your money’s purchasing power is actually falling.
You can calculate the real rate of return on your investments by simply deducting the rate of CPI: Rate of Return – CPI = Real Rate of Return.
Talk to QInvest today for affordable and personal financial advice.