it is now understood that when we make economic, financial and investment decisions, we do so as flawed humans with an inbuilt tendency to do the wrong thing. Recognising this is the first step towards changing our behaviour for the better.
We probably all remember during those long difficult car trips as children repeatedly saying such irritating things to our parents as: “When do we get there?”. Perhaps adding to reinforce the point, “I knew we would never get there”. And then pleading whenever a fast-food joint appears on the horizon: “I NEED an ice cream”.
No matter our age, most of us would probably look back on some aspects of our lives and say to ourselves: “If only I could do that again; if only I had a second chance”.
Obviously what people want for their retirement will vary from person to person. It depends on your age, the type of lifestyle you want and the wealth you have inside and outside of super. The super system only started in 1992 at relatively low contribution levels so many older workers may have low balances which possibly won’t be enough to completely fund their retirement.
One of the most important steps in your retirement planning is figuring out how much you’ll need to spend each year to support your desired retirement lifestyle. However, many people struggle to plan for the various stages of spending that they may require as they move through retirement.
If you make voluntary super contributions through a salary sacrifice agreement you should be aware of how your contributions will affect your super balance. You can agree with your employer for your voluntary contribution to be in addition to your employer’s compulsory super contribution.
Over-servicing clients is a common problem for small business owners; we feel it’s what sets us apart from our competitors.
For investors approaching their mid-fifties, or for those who’ve already met the milestone, it’s worth being aware of the psychological barriers that can impact our decision making, so we can take steps to overcome them. Which are particularly relevant to investors aged over 55.
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