Retirement Planning in Perth

Retirement planning is a concern many Australians have. Saving as much money as you can while young and investing it as you get older is a good way to create wealth. The key however is to start as early as possible, so your money that is invested can grow over a longer period of time.

401(K) Plan

A 401(k) plan is an excellent retirement plan in Perth because taxes can be deferred which automatically saves money for you. Also, penalties will occur if the money is withdrawn too early, providing a great incentive not to spontaneously take money out for any reason.

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The key point here is to begin putting away as much money as you can early on so that your wealth will continue to grow from your investments. This is especially important because you want as much money as possible available when retirement comes around.

How Much Money Will You Need?

By the time you retire, you will need to be able to cover any potential medical expenses in addition to everyday living. One other issue that should be addressed is the amount of money you will need in order to live a comfortable lifestyle during retirement.

Calculating an exact amount at a young age that guarantees a comfortable retirement isn't very realistic, but you can reasonably come up with a range financially to meet your goals.