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5 tips to boost your retirement savings

How often do you think about your retirement? Is it too far away for you to worry about? Or is it so close you can almost taste it? Whether you see yourself in the first group or the second one, we should all have our retirement goals in mind and a plan set up to get there. You don't want to end up realising that you should have started saving sooner!

With 2016 just starting, now is a good time to boost your retirement savings. Here are 5 simple tips to get you started.

  1. Know your number. To get started you need a goal, how much money will you need to maintain the lifestyle that you want? Take a look at your expenses, the income you will receive and from which sources. You should also take into account inflation, to keep it on the safe side.
  2. Check your progress. Spend at least one or two hours per quarter checking your progress to ensure you are on track - and make any amendments if needed.
  3. Eliminate dumb debt. Work hard to pay off your most expensive debt first to be financially fit.
  4. Look into your KiwiSaver. KiwiSaver is a great tool to help you save for retirement. If you haven't joined, now is a good time to do so. If you are already a member, do you know if you are in the right fund?
  5. Take a fresh look at your insurance situation. Make sure the cover you have still fits your circumstances. The best way to do this is to regularly catch up with your financial adviser to discuss your goals and how to get there.

Image courtesy of zdiviv - Freedigitalphotos.net