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Super Strategy - 4 Investment Tips To Help You Save For A Cushy Retirement:

Here are some ways on where you should invest your money.
By Expert Tips
Date: December 14 2020
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Retirement may seem like a distant concept in your 20s and 30s, but the pension most certainly isn't enough to live on comfortably, so it's important to start preparing as early as possible if you want to be in a good position when the time comes. That's why today we're sharing our top tips to help you save for a cushy retirement:

Consider A Self Managed Super Fund 

Super is a requirement for all Australian workers, but if you're not in control of your funds, you may as well not have them. Standard fund portfolios tend to be based on your risk tolerance, but this will vary throughout your life, so a personally tailored solution is almost always a better option. 

Your first step to a better retirement is to get in touch with an SMSF Accountant near you. They'll be able to assist you in deciding whether a self-managed fund is best and can help you get everything set up so you get the maximum benefit.

Have More Than One Stream Of Income

Gone are the days where you get a job fresh out of high school and stick with it until retirement. While the new way of working offers far more flexibility and freedom, it also carries greater financial risks. There is a high chance that you’ll experience unemployment at some point in your life (especially with the way the economy is at the moment), so it’s important to protect your income by having multiple streams

This may mean starting a side hustle or picking up a second job on a casual basis. How you work things out will depend on your unique circumstances, but in a worst-case scenario, you'll be glad for the extra revenue stream, and if things stay good with your full-time job, you can divert your side hustle income directly to savings or paying down debts. Once you've got a decent buffer, all additional funds can be invested into diversification. 

Hold A Stock Portfolio

Returns from stock investments, when held for more than 20 years, are almost always positive. This makes the stock market a wonderful thing to get into in your younger years. Not only will you be able to take advantage of compounding interest if you set up a dividend reinvestment plan, but your stocks should also appreciate in value significantly by the time you're ready to retire. Put aside whatever percentage of your income you can spare after expenses and general savings, and invest in a diversified portfolio. 

Diversity Is Key

Speaking of being diversified, you should never keep all of your eggs in one basket. Holding shares in different ETFs and stocks is a great way to diversify your investment portfolio when you're starting out, but as you move through life, it's a good idea to explore other investments. Bonds are a common option, but you can diversify however you please. Your strategy just needs to offer protection against market crashes and other negative events.

Getting your ducks in a row as soon as possible is the key to having a cushy retirement. While these investment tips will definitely help you realise your goal, you won't get far if you aren't organised and dedicated. Get savings plans in place, speak with a financial advisor if you need to, and actually stick to what you've laid out. 

Once you've got an emergency fund set up, it's time to put everything you can into investing in your future. This may mean going without luxuries at times, but future you will thank current you for making their life so much easier. Good luck!

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