According to a recent survey conducted by Insured Retirement Institute and the Center for Generational Kinetics, more than 25 out of 100 millennials, who are considered our generation, are relying on winning the lottery or being gifted money to survive in their retirement years.
Unfortunately, not all individuals are lucky enough to be gifted money from our parents or grandparents, or are the luckiest persons to win the lottery. And even we were lucky enough to achieve these things when we were young, there is still no guarantee that this fortune will last through your retirement years. That’s because retirement is not so much about the amount of money you start with, but more about how you can stretch those funds over more and more years. The best possible way that could make this happen is all about generating passive income throughout your retirement years.
When planning for your retirement, there are some important factors to consider. First, be careful who you speak to. Many so called advisers would not be qualified to offer advice in Perth and other cities in Australia, and some are not regulated which means they are unlikely to carry professional indemnity insurance or be able to offer any redress if something goes wrong.
Do make sure the advisers you choose are capable of managing the underlying assets associated with your pension arrangements. For more about retirement planning for Australians, you should read the article posted at the Australian government website.
You can read it here: http://www.australia.gov.au/information-and-services/jobs-and-workplace/retirement