How to
Retire at Your Best
Most people don’t even start to think about retirement until they are 50 years or older. Superannuation is a word only used to fill in forms for employers and not even looked into by most until they see retirement on the horizon. Unfortunately this is often too late as many are taken unawares about the costs of retirement and accurate future forecasts about the cost of living. An Australian Seniors Survey of 1000 people over the age of 50 found:
- 78% worry they are not saving enough for retirement
- 42% are making voluntary contributions to their super to increase their nest egg
- 65 is the ideal age they would like to retire
- 70% fear they may have to work past retirement age to fund retirement
Despite knowing these facts, why do people not take measures to improve their prospects at retirement? Because there isn’t enough education and information available, especially to those who are less educated and work in the blue collar sectors. Most school systems will teach us to study hard, get good grades and get a good job. What they don’t teach is that most of the income from that good job will be paid back in taxes and only 9-11% is going towards superannuation.
The Association of Superannuation Funds of Australia (ASFA) published the following numbers in June 2021 as the income needed annually to retire comfortably in Australia:
- $45,239 for singles ($3769 per month)
- $545,000 needed in retirement savings at age 65 to meet this
- $63,799 for couples ($5300 per month)
- $640,000 needed in retirement savings at age 65 per couple to meet this
The average wage in Australia is $90K ($7500 before tax, $5,100 per month after tax) A simple calculation will give you the following results assuming 3% inflation per annum: Income for 40 years (allowing 3% increase per year on the average income of $90K) = $6,786,000 Superannuation at 9% being paid into a fund = $610,000
Assuming extremely profitable investments and no loss of revenue we would hope to have at least $610,000 in your super account at retirement. Sadly this is not the reality. In 2007 during the financial economic crisis, many that were retiring within 2-4 years, lost most of their superannuation and had to continue working for much longer than expected.
A far cleverer way to prepare for the future is to accurately estimate the cost of living including home, travel, lifestyle choices, children and legacy and then set up a residual income stream which allows you to start earning that in your 20s, 30s and 40s rather than waiting until you turn 50 to start generating this. There are several highly credible ways to generate residual income. Most require substantial investment. Some have highly streamlined systems and training structures in place that allow you to generate significant income quickly and require hardly any financial investment at all.
Welcome to Zinzino. A powerful platform that will not only change your health but will significantly change your wealth if you chose to educate others about optimising their health. An opportunity to retire within 3-5 years without any prior experience, education or training.