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How to Start Saving for Retirement

The following is a guest post.

Financial security in retirement takes careful planning. Since most people spend around twenty years in retirement, it’s something that cannot be avoided. Some employees with a defined contribution plan, such as the superannuation, can contribute on a regular basis into an account for their retirement years. For others, saving money may be a personal plan, that may include some of the following options:

1. The goal of saving for retirement should begin as soon as possible, and then continue until the individual is ready to retire. There are many different saving plans, and each allow for growth against the balance of any banking account. Saving for the retirement years should be a priority, since these years of little employment will arrive, sooner or later. A savings plan should be one that can be continued. This plan should be a realistic one, and one that can readily be set aside for the golden years. Popular superannuation plans and services for Australians are offered by some of the most trusted banks, such as AMP super, and MLC superannuation.

2. Your retirement needs should be determined early. How much you need in your retirement savings is an important factor. The amount that the person was making before their retirement began will affect their retirement possibilities the most. For example, most workers will need to save between seventy to ninety per cent of what they made before retirement in order to keep up their lifestyle during the retirement years.

3. Placing retirement funds in a separate superannuation account is always a good idea. This allows for the funds to grow and accrue interest, since they are not being touched. There are several options on the financial market today that include special services for retirement accounts. Often employers offer such plans to each of the employees. For the self-employed knowing all the options is critical. Research for the self-employed is important, and the decision-making regarding which plan to choose should be done with careful planning.

4. Investing in real estate has always been an option for retirees. Homeowners know that the equity in the homestead can be used later on for retirement funds. The house can either be used for mortgages for business ventures, or can be sold to fund lifelong dreams. Real estate can be purchased as investment property and then sold for a profit. This kind of investing and retirement plan will take some upfront funds in order to successfully purchase properties for resale.

5. Government retirement benefits should be explored. There are benefits that are usually available when the individual reaches a certain age. These funds are set aside in a retirement account in the event that the person wants to access these funds. Usually, accessing government retirement funds involves an application to the agency that is in charge of the retirement accounts.

In Conclusion

Retirement security is easily attainable. There are several avenues that can be taken in order to gain a retirement income during the years after the income checks stop coming. One method is to start a personal or employer savings plan. Another option is to use the equity in a home in order to pay for retirement needs. Another choice is to access government retirement funds that have been set aside for retirement.

About Andrea Whitmer

Andrea is a freelance web developer and mom trying to maintain a sense of humor in an otherwise chaotic world. She blogs in hopes of helping others avoid the same mistakes she made in the past. Join in the discussion here on So Over This, or connect on Twitter, Pinterest, Instagram, or Google Plus. You can also subscribe to new posts via RSS so you never miss out!


  1. Could this be ANY dryer? Kind of confused why you would allow this since it's targeted towards Australians.

    • I have readers from all over the world; occasionally I post about topics that are less Americanized in case it helps one of my readers who doesn't live in the US. I think your comment is a little offensive toward my guest poster, who is trying to provide valuable info even if it's not the most entertaining. Retirement isn't always super exciting, unfortunately. But thanks for your feedback.

      • I like this blog because it's funny and entertaining. Sorry, but this post isn't up to par with what you usually publish.

        • That's honest, and I respect that. Some guest posters are definitely more interesting than others; I try to keep that in mind when selecting posts to publish. Per my disclosure page, though, sometimes I may have a relationship with a guest poster that means I post what they supply even if it's not my favorite post or topic.

  2. Definitely start saving sooner rather than later! That's what we are attempting to do.

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