Marlborough Magazine August 18 - Page 35

INVESTING IN YOUR FUTURE What plans have you put in place for retirement? Advice from Phil Muir, Business Owner, NZHL - Blenheim Many people think of saving for retirement as either too difficult to try and navigate, or that it is still too far away to need to commit any real thought to. The reality is that the earlier you start to plan for your retirement, the easier it is. The benefit you get from compounding interest in your favour means the earlier you start to put money away for retirement the faster you will reach your goal. Starting to save for retirement (age 65) at age 30 means that you will only need to save approximately 60% of the money you would, compared to starting to save at age 50. The other 40% is the money you will have made from compounding interest. There are various recommendations on the internet that outline how much money you need to have saved by your retirement date to have sufficient income to support yourself. The big question is how much income do you need to maintain the kind of lifestyle you expect? To work this out you need to work back from the income you need in retirement so you can anticipate the amount of m WRVVBF&R6frUr4rPD( Bԕ52U@vRfRR&RW6Rb@6vRBFw24tR@UdR5@D"50f"&RFWF267FWfR#S#2SsC2g&W#66GB7G&VWB&VVЧwwrW26砤RbFR7B'FB'G2F7F'Fp6fw22FfbW"FV'G26VFrFW&W7BFW2Bv&6vVW"ffW"VFRfRBf`FrR&R&Vr6&vVBFW&W7B6VVWBvBGf6RvBRVV@FFFfRf'v&BvFW"f6f6Gf6"BW"6&'FvvR'&W""66VF7ff6R2vB6RF7F'BB2WfW"FV&ǒF&R&W&VBFRV&ƖW"RFR&WGFW fbRv&RFRr'V3P