5. Do I Need to Start Thinking About Retirement Now?

Episode 5 ⋅ 23rd March 2021

Do I Need to Start Thinking About Retirement Now?

Retirement can often feel like an idea that is SO far away, especially if you're in your 20s and 30s. It's something almost every financial services company talks about and suggests you should start saving or investing for….but what does that mean? And is it really something we need to be thinking about now, considering it's a goal that's 30 years away?

Overview:

Retirement. A far-away idea, but one that's most likely going to be a reality for us all. If you're in your 20s, 30 or 40s, the question of whether you're going to have enough money to retire with has probably crossed your mind. Buuut it might not have been important enough to kick you into action.

We have schemes like KiwiSaver which are designed for retirement and society tells us it's wise to start contributing from a young age. Despite this, some find themselves unaware of what they're actually contributing to, and why. And what we contribute we often end up using for shorter, medium-term goals like buying a house.

So, what to do? Is our retirement actually something we need to be thinking about now, given its 30+ years away? Let's discuss.

What's in the episode?

In this episode, Cat and Christine chat about whether it's important to be thinking about, and actively working towards your retirement from a young age. They take the time to figure out what they each believe they'll need in retirement money wise, and how they plan to get there.

Specifically, we cover:

How to figure out your magic retirement number – using two different methods
How much money they hope to have to retire with, and why
Why it's important to start thinking about your retirement now, so you can retire in style

…And there's lots more goodness in there, so get listening now.

Great resources mentioned on the podcast are: