Attention all parents of P-plate drivers recently in Australia: this is your flashing warning light. As the last of your children become independent drivers, it’s time to take a hard look in the rearview mirror and ask yourself: what’s next for me?
For a long time, she has focused on the exciting and sometimes challenging process of raising her children and putting their needs first. But now, with your newfound independence imminent, it’s time to take control of your own life and start living your prime timers lifestyle and preparing for your retirement.
So buckle up because we’re about to take a walk through the ultimate checklist for making the most of your post-parenthood years, the years before retirement, and beyond.
First things first, it’s time to review your finances and start planning properly for your retirement. This is a big area of focus in your fifties, or it should be.
For most people (even if you’re starting to save now), if it’s invested, the money you have in retirement will double every seven to 10 years depending on what you invest in, just through compounding investment benefits. . So your goal should be to maximize the amount of money you have in super (and other investments) and to actively ensure that it is invested well for the long term.
Ask yourself these big questions: How much have you invested in retirement? Could you be contributing more? And are you taking advantage of all the retirement contribution awards available to you?
Are your investments aligned with your risk profile and life stage? Do you have a debt that you need to pay off? Do you have a budget and savings plan that suits your new, more independent stage of life? If you haven’t already, do your work, get a financial plan you can stick to, and enjoy the journey to your golden years.
But it’s not just about dollars and cents, it’s time to invest in yourself. One of the most valuable assets you are taking back as your children become more independent is your time. And that time can be spent building and then living your prime-time lifestyle.