Retirement Savings Guide: Expert Advice | 7 News Australia

CHAPTERS | KEY MOMENTS IN THIS VIDEO
0:21 Is retiring harder today?
1:30 Impact on inflation on retirement savings
2:20 The different ways to retire and make money go further
2:47 Downsizing
5:25 The Shedders - the share house of retirees
9:19 How to retire overseas
13:20 How much do I need to retire?

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[CliveBirse]

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

[darnellcapriccioso]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[AmarachiSteve]

nfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176, 000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000, 000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400, 000 annually) and don't owe a dime to anyone. It's a good feeling!

[Aarrenrhonda]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[SusanneSchottke]

You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life.

[sanikura]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[romanceray]

If you are planning for retirement Here are some key pointers. Firstly, kick-start your savings early to benefit from compounding. The longer your money has to grow, the better. Secondly, make the most of retirement accounts like 401(k)s and IRAs, especially if your employer offers a matching contribution – it's essentially free money. Thirdly, diversify your investments across different assets to mitigate risk. Think stocks, bonds, and real estate.

[caseybills]

So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?

[Riggsnic_co]

This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.

[chrisevans-iy]

I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.

[NicholasBall]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[darinmoor]

Planning for retirement can be so confusing, especially with all the new numbers for 2024. How much is really enough to retire comfortably without constantly worrying about outliving your savings?

[christopherherbert]

It is very scary to retire. Financial planning like this is beneficial for everyone. I’m open to partake in the best financial planning decisions.

[AnnaOllsson]

The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??

[skymonkey]

I have already retired and found this interview very sensible and easy to understand. Thank you.

[mickypoole]

Kevin Rudd raised the aged pension age to 67. Just turned 65 and struggling with my health trying to make it there. Second back surgery plus some heart trouble. I have nothing against working but my body is betraying me unfortunately. The covid years and the Russian war were hard on my super. I have always lived a modest life and my retirement will have to be the same .

[Lemariecooper]

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

[trentstravels]

Not sure why he seems to think older people could be treated badly overseas. In some countries, they actually respect older people, look after them properly. Unlike Australia.

[nickpower-fjbu]

Bank interest is also taxable income. So even at an inflation rate return you lose

[NikitaMcLauren]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it’s ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.