Money is an emotional topic– and with good reason.

You work hard for it, and your hopes and dreams for your future, and that of your family, are inherently linked to it. Retirement savings don’t just appear out of nowhere on your last day of work. There are several actions you can take in each decade of your life that will help ensure you are set up to enjoy your later years.

Imagine your retirement fund is a tree that you plant at a young age and tend to over the years so that by the time you finally retire, there’s plenty of shade to relax under and lots of delicious fruit to feed you and your family. It’s more important now than ever to put a sound plan in place to get you to where you want to go.

Below are our top tips for all your life stages, to help you retire comfortably.

20s: Your 20s bring great potential and opportunity for getting yourself on the path to financial security. Start by considering an emergency fund and a Will, opening a KiwiSaver account, and try to avoid consumer debt. In your 20s your biggest asset is likely your ability to earn an income; consider engaging an insurance specialist to understand what personal risks you can insure against.

30s: With a little more financial stability under your feet, your 30s are your time to shine, and to really set yourself up for your future. These are the years to work on eliminating personal or student debt (starting with the highest interest rate first), consider purchasing a house, and if you have, or plan to have, children then now is a good time to put some money aside for their future.

40s: In your 40s, broadening your investments can boost your future retirement lifestyle. Focus on paying down your mortgage, growing your investment portfolio, and ramping up your KiwiSaver contributions. Although this is not always an easy conversation to have, you could start discussing finances with your parents, as it is important they have a sound financial plan in place.

50s: With that long-sought retirement drawing nearer, protect the assets and investments you’ve built through diversification and sound planning. Now is a good time to firm up your retirement goals, review your risk profile, diversify between investments. Estate planning should be considered throughout your life-stages and it’s always a good idea to ensure your Will is up to date. While checking on your Will, why not consider setting up an Enduring Power of Attorney that can be acted upon should you become incapacitated. Appropriate professional advice is important here.

60s: In your 60s and onwards, the choice is yours. You’ve worked hard and you’ve got there! Now is the time to enjoy the fruits of the tree you planted through your planning, saving and investing. Enjoy the lifestyle you’ve earned, and continue planning for what the future may bring. If you haven’t already, seek advice on how much you can afford to spend each year, and if your current investment portfolio remains suitable.

Throughout your life stages: Consider working with a specialist investment partner who can help you get to where you want to be. Whether you are saving for your future or looking to utilise your nest egg to generate a retirement income, Milford offers an extensive range of investment solutions from KiwiSaver and Investment Funds to Wealth Management & Advice. Explore our options below to find which suit you best.

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