Older Australians are facing greater financial difficulties

§ November 5th, 2018 § Filed under Perth News Comments Off on Older Australians are facing greater financial difficulties

According to Nine.com.au, older Australians nowadays are facing greater financial difficulties. They are struggling to pay their mortgages, rents and basic living expenses. This forces them to turn to limited resourced financial helplines for support.

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In order to be prepared in the event of old age, illness or even death, you should plan how your money should be handled. Smart financial planning will help make sure you or your family are ready to meet any of the costs that might arise. It will also allow you to provide for your loved ones and ease the burden on them.

Be organised. Put your financial affairs in order will help you be prepared for the old age when there’s an increased risk of illnesses that might make managing your money difficult or impossible. So as early as possible, you need to be smart and disciplined with your finances which are composed of your expending, sources of income, debt, savings and investments.

In order to avoid financial difficulties during your old years, balance is a key element. Saving for retirement is especially difficult when you earn a small salary. However, tucking away even a small amount might qualify you for tax break. It will also guarantee you an employer match and get compound interest working on your behalf. Get a superannuation guarantee contribution as a form of your employer’s help.

Apart from asking for employer’s contribution, another way to ensuring brighter old years is by sticking to strict budget. However, it doesn’t mean that you shouldn’t also be contributing to your retirement. Even with limited resources, there are ways to maximise your savings so you don’t find yourself underwater later on. To make it easier for you to budget, have monthly automatic contributions. This can be an easy way to integrate savings into budget whether your employer offers direct deposit to multiple accounts or you set your own account to automatically transfer funds into dedicated savings.

Read more at: https://finance.nine.com.au/2018/10/17/16/34/older-australians-are-facing-greater-financial-difficulties