The great Australian dream of owning a home has been given a boost in recent weeks with interest rates at record lows and the Government announcing a raft of measures to assist first home buyers. Despite this, buying a home is still a huge task for many aspirational homeowners. Quite often coming up with the deposit to purchase an inner-city property, and the cash flow to service a large mortgage is certainly not easy.
The current life expectancy is 84.5 years for men and 87.3 years for women. That means, on average, if you retire on your 65th birthday, you will need your retirement savings to last between 20 to 23 years. For this reason, it is important to consider your retirement strategy as soon as possible. I have outlined below what I believe to be the key steps in reaching your retirement objective.
As an investor, you would be pleased to know that the Coalition Government’s surprise election win has sent the Australian share market to an all-time 11 year high, adding $33billion back into investors’ pockets.