Retirement Planning

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Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons?

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To the youngest working generation, retirement seems like a distant chapter in their lives. And it’s understandable, since the majority of the Millennial generation (individuals who were born between 1981 and 1996) have just recently become part of the labor force. By 2025, it is estimated that Millennials will make up almost 75 per cent of the Australian workforce. 

The road to retirement can be challenging for many. But it is particularly difficult for Millennials,  who face economic challenges and financial headwinds that are different from older generations. 

Below are a number of reasons why Millennials are struggling to save for retirement.

Generational challenges 

Millennials are having a harder time saving for their retirement partly because they start work and earn later in life compared with the previous generations, according to social researcher Mark McCrindle.  

Individuals who are part of this generation are earning at a later age than their parents because they are studying for a longer period, Mr McCrindle explained. He added that the majority of Millennials choose to go to university and accumulate student debt through HECS (Higher Education Contribution Scheme) or lifestyle debts (such as credit card debts). 

By starting their contributions to their superannuation funds at a later age, they have a smaller super account balance upon reaching the age when they can access their supers, compared with the generations before them. 

Due to the advancements in the medical field, Millennials also have a longer lifespan compared with prior generations and therefore will have a longer retirement period to fund. This means that Millennials will have to be more strategic with their retirement plan due to their higher savings goals.

There is also a risk that Millennials will outlive their inadequate retirement funds. According to the Australian Bureau of Statistics, life expectancy in Australia is among the highest in the world, and on record. 

Rent and debt  

Australia’s retirement incomes system has been built on the assumption that the majority of retirees will be able to purchase homes outright. Home ownership gives retirees big benefits:  they will not pay rent and they will be protected by the increasing housing costs. 

However, this ideal retirement scenario may not be achieved by most Millennials as home ownership rates among young adults have fallen dramatically, partly due to the rampant property price growth and worsening housing affordability.  

And this decline is seen to continue in the coming years. Based on present trends, think tank Grattan Institute estimates that the share of retirees who own their homes will fall from the current 76 per cent to 74 per cent in 2026, to 70 per cent by 2036, 64 per cent by 2046 and 57 per cent by 2056. 

With more time spent studying, Millennials are also due to have more debt. This results in them living at their home renting as they are unable to finance a house. The most recent Housing Income and Labour Dynamics (HILDA) Survey data showed that more than 50 per cent of young adults are still living with their parents. 

Due to these factors, Millennials are finding it difficult to maximise the potential of their retirement plans. It is also likely that most young adults now will become lifelong renters. They will also be at risk of poverty and financial stress. Because of this, they will need extra strategising to become financially independent upon retiring.  

Unstable careers and insufficient earnings 

The weak growth in wages is adding financial pressure for Millennials in saving for retirement. Financial experts say the slowdown in wage growth over the years along with the increasing cost of products and services has prevented Millennials from putting away sufficient money to attain financial independence during their retirement. 

Career choices are also affecting Millennials’ financial futures. A recent research by McCrindle showed that young adults are now choosing more flexible but less stable working arrangements. It was found that one in five Millennials who is within the working age range had worked in freelance, contractual or casual roles. Almost half of Millennials who were surveyed also indicated their preference for these non-traditional working arrangements, or working in the so-called gig economy. 

While these working conditions may offer opportunities of higher income, substantial flexibility and a more sustainable work/life balance, it has a few downsides for Millennials’ retirement savings.

Due to the unstable nature of the gig economy, Millennials are seen to be earning less. While their pre-tax wages are bigger due to a higher hourly rate, they are working for fewer hours. This not only affects their income now but also their retirement planning. 

Retirement planning not a priority

With numerous milestones yet to come and a lifetime of opportunities still ahead of them, it can be a challenge for Millennials to seriously plan for their retirement. 

In a report by the Financial Services Council, Millennials are three times less interested in the status of their personal superannuation than those of previous generations.  

In a broader scope, younger people were found to be generally less interested and engaged with their financial affairs. Experts say most Millennials are putting their future financial independence at risk because they don’t fully understand the role of superannuation. They rarely read the information that was given by their fund or make changes to their fund, and the majority of them do not give voluntary contributions.  

Overall, the results show that young adults significantly lack interest in, and engagement and concern with, issues related to their retirement planning.

Tips for Millennials who are saving

If you are one of the Millennials who are experiencing these challenges and issues while saving for retirement, below are some basic steps you can take to ensure you will have enough money when you retire: 

• Create a budget. Live within your means and be smart about where you spend your money. 
• Use a retirement calculator to be aware of how much super you’ll have at retirement. You may also seek the help of financial advisers how to plan properly for your retirement, pay off debt strategically and boost your super balance. Study how your super is invested and track how much you have saved. 
• Make extra contributions at the start of your career. Any amount you contribute (on top of the employer’s mandatory 9.5 per cent per year) will accumulate over the years from the compound interest. Consider a salary-sacrifice arrangement with your employer or  make personal contributions yourself, and claim the same tax deduction. You may also choose to transfer money automatically into a separate savings account so you can avoid dipping into funds allotted for your superannuation or investments.
• If you are a freelancer or self-employed, have the initiative to earmark at least 9.5 per cent of your earnings into super. Be responsible in managing your own tax and superannuation. Avoid being unemployed for a long period of time, as breaks can have negative implications on your super. 
• Invest outside your super fund. Consult with a financial adviser to learn more about other ways you can grow your money. You can look into investing in stocks, shares or even real estate. 
• Consolidate your super fund throughout your career. Usually employers offer their default super fund to new employees. When you switch super accounts from job-to-job,  you will end up paying multiple sets of fees. Additionally, super funds differ in terms of fees, performance and customer service. An employer’s default fund may not be the right fit for you. Exercise your right to choose your own super fund. 

Conclusion 

The youngest working generation faces unique challenges in saving for retirement. But Millennials have one advantage: time is on your side. By taking action now, you can boost your retirement fund to attain financial freedom post-work. Making small changes now can result in a big difference by the time you retire. 

Are you planning for your retirement? Explore nestegg to learn more. 

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Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons?

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Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians.

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The Retirement Income Review has shown that Australian pensioners have a strong safety net in property that can be used to reduce income inequalities, albeit the complexity of the system might be holding people back.

The report suggests the around 76 per cent of all seniors owning their property outright could enjoy a more comfortable retirement through accessing the equity in their home or by drawing down on their superannuation balances. 

“Home owners also have the opportunity to access the equity in their home to supplement retirement income and manage longevity risk, although few currently do so,” the review said.

“If this potential were realised, housing would take on an even more important role in the retirement income system.”

Despite the release of the report only being the start of a lengthy consultation process, with any significant changes or reform unlikely until mid-2022, industry experts have still hit out against the findings.

“Downsizing is not a panacea for every retiree needing more cash to live on,” argues Pension Boost founder Paul Rogan.

He pointed to research by the national seniors organisation that showed most older Australians prefer to live in their homes rather than downsizing as a way to release equity to fund retirement. 

The resultant dislocation caused by moving to a new area, away from their familiar surroundings and network of friends, is stressful.

“Downsizing may also have an adverse impact on seniors’ age pension entitlements, as any large amounts of cash freed up will be included in the means tests” said Mr Rogan.

Alternatively, Mr Rogan explained to retirees that the government has a Pension Loans Scheme which does not affect their age pension or self-directed pensions and allows them to continue living in their homes.

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Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians.

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Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history.  

Write comment (0 Comments) " ["fulltext"]=> string(4640) "

With the youngest of the Millennials entering the workforce, they are also looking to change the definition of retirement.  

One of the main goals of most Millenials (people who were born between 1981 and 1996) is to retire early. A recent study by T. Rowe survey showed that 43 percent of Millenials are looking to retire before the age of 65, with most saying that they want to be financially secure at an average of 58.2 years old.

This seems like a dream, especially with the odds stacked against this generation. However, an early retirement can be achievable by following a solid retirement plan along with the following tips. 

Start saving money as soon as possible  

A major reason why most people don’t reach their target retirement savings is because they start saving too late in life. 

Starting to save at an early age can have a significant impact on the eventual size of an individual’s retirement savings. Compound interest will be bigger after 30 or 40 years compared with only 10 years of saving. 

The rate of the retirement income savers can expect will depend on several factors, including the amount of money saved, the interest rate, and the length of time over the money will be withdrawn. 

Set daily, weekly, monthly and annual saving goals to boost your retirement savings. You can seek help from financial advisers or use retirement calculators to see how much you will need to save to retire based on your current status and your progression. This will help you become more aware of the changes you might need to do to attain financial independence upon retirement. 

Lessen your expenses

It is easy to cut back on trivial spending, such as buying a coffee every morning or eating out on Friday nights. But most savings will come from where you spend money the most. This involves cutting back on your living expenses, particularly housing, transportation and food. 

Experts also advise using a cash-only system to save money and lessen expenses. This means doing away with credit cards as it can trigger a cycle of paying off debt which can hurt any efforts to save for retirement.  

Learn to invest  

Most people think that investing is risky, but not investing is actually riskier if you want to retire early. It is not enough for you to only save your money in your savings account and to cut back on your expenses. The value of the money sitting in a savings account will be eroded by rising inflation over time.

Put stagnant money to work. Create an investing strategy with a diversified portfolio. Invest in stocks, index funds, bonds, real estate or any asset that has good returns. Have a short-term and long-term investing strategy. 

Learning about the financial markets can be intimidating at first. But your knowledge will increase if you take the time and effort to educate yourself. Stay up to date on financial news  and seek a financial adviser’s help if you can.

Diversify and boost your income sources 

After optimising your expenses, the next thing to do is boost your income. The bigger income you have, the more money you can save and invest. 

Back in the day, the most accepted path to earning your retirement is to work a full-time job until you retire and then live off a lifetime pension. Most Australian Millennials rely on their superannuation funds to help them become financially independent after retirement. 

But now, there are more strategies and ways to increase your income stream. One effective strategy is to turn your side hustle into a retirement tool. Your side hustle can be turned into a nest egg. Individuals with artistic streaks such as photographers, actors and animators are now monetising their works as a way to earn extra money. Meanwhile, some people turn to side hustles that do not require a special skill or talent. You can make money through delivery app jobs, being an Uber or Lyft driver or selling your stuff online. 

One advantage of side hustles is that the majority of them only require you to work part-time. You can still work a full nine-to-five job, and it is up to you when you will work.  

 

 

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Read on to learn more about effective tips that can help Millennials retire faster." 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Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history.  

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Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible.

Write comment (0 Comments) " ["fulltext"]=> string(4550) "

In a conversation with nestegg, Minnik Chartered Accountants director and wealth educator Leah Oliver told investors that while they all might have individual goals, the earlier they start, the easier it is to achieve. 

“The golden rule with young people is that they have time. Well-managed wealth portfolios thrive on time,” Ms Oliver said.

“Young people have time to gather strong investments, which over time will provide them with valuable assets, passive income and financial security. Older people on the other hand can’t get their time back, they have less time to achieve more.”

In order to achieve these financial outcomes, investors, particularly younger ones, are being advised to understand the financial position they are in.

“The first thing we need to do is present our numbers. We need to understand what our personal income streams are, what it is costing us to live, and how much is left over. We need to know the numbers,” Ms Oliver said.

“This starts with an accounting file on your personal life – which looks at cash in and cash out. Once we have this data, we can do a number of things. We can assess your income streams, your spending habits and your ability to accumulate surplus (savings).”

“From this info, we can multiply income streams, minimise spend and thereby maximise surplus. And from here we can predict how long it will take to pay off your home and debt on successive investments. This is wealth planning.”

Once a consumer has a firm grasp on their financial position, Ms Oliver told investors to work out what they would like to achieve financially.

“Map out your personal goals. And implement strategies to achieve them. How do you visualise your life in two, five [and] 10 years’ time?” she said.

“Many people overextend because they don’t look at their numbers in the first place.”

She pointed out that those trying to generate wealth can do it in a number of ways, but paying off debt is a strong starting point.

“Young people need to be focused on paying off their homes, fast-tracking, building income streams and tweaking spending habits. And recognising the value of time,” Ms Oliver said.

“Using their personal accounting file, we can project how many years it will take a young couple to pay off their home. Living modestly, a remaining debt level on the family home around $200,000 is a suitable benchmark to consider moving then into a geared investment.  

“Once the house is owned, investments can be funded with savings that are ‘spare cash’ rather than ‘necessary cash’, which lowers risk.” 

Further, Ms Oliver advises Aussies to think about their money, with education being the key driver of financial success.

“Your personal life can be considered a business. It’s pure logic. Money comes in and goes out. It’s all in the numbers.

“These days it’s impossible to become wealthy and have freedom of choice if you don’t have dedicated streams of passive income. It is all about your income streams,” according to Ms Oliver.

“Passive income is the money you make while you’re asleep and is generally in the form of investments, sensible strong investments. Your portfolio ticks over in the background while you are busy at work,” she concluded.

nestegg has previously told investors how they can adjust their wealth strategies during the COVID-19 pandemic.

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Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible.

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Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the first recession in nearly three decades.

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In a conversation with nestegg, Minnik Chartered Accountants director and wealth educator Leah Oliver has advised investors to adjust their spending habits during the market slowdown.

“People need to be taking less risks and being more conservative in the current economic environment. Everything in moderation. Not overextending. Be very mindful of spending on unnecessary things.  Review your living costs and shave where you can,” Ms Oliver said. 

During this time, the wealth educator noted impacts on income streams may need some careful thought around potential backup income, in the event that existing income is lost or otherwise affected by the pandemic.

She also told Australians who are managing their finances to be careful about adding to their debt.

“Now is not the time to undertake debt funding, it is more appropriate to be minimising or eliminating debt as we move through this downturn. Aim to remove all forms of debt in the way of credit cards, Afterpay and vehicle finance to whatever extent possible. Positive cash flow and surplus are required; these facilities lead to a deficit,” she said.

“We recommend using debt only to fund assets that go up in value, i.e. appreciate. Use debt to ‘step up’ into investments, and then smash it down, fast-track. Refer to your personal accounting file and plan the number of years to become debt-free on each portfolio asset.” 

Ms Oliver also advised investors to be careful in the current landscape, noting that investments that look sound might actually be held up due to government funding.

“With interest rates low and government stimulus measures still in place, the economic problems are somewhat ‘masked’ and the property market is showing resilience at least for now. It is predicted that there will be market instability in this area within the coming year,” the wealth educator explained.  

“There are specific considerations for people holding shares and commercial property in their wealth portfolios. COVID has brought new changes, leaving office blocks empty and demand for commercial investments falling.”

Further, Ms Oliver told investors that it is important to assess your own personal circumstances, considering what you have and what your strategy is to move through the recession and keep your assets intact the best you can.  

“Do you need to sell, hold, lease, move debt? Do you need backup income streams? Can you divert savings in less travel and transport costs to your mortgage or your wealth portfolio?

“There is a lot to consider. If you are in tune with your financial position, [you] are reading your numbers and consistently researching your options, plus working with your adviser, you are being proactive with your wealth, and this will ultimately give you peace of mind,” Ms Oliver concluded.

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Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the first recession in nearly three decades.

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Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up in the family home, new research has revealed.

Write comment (0 Comments) " ["fulltext"]=> string(2212) "

Results collated by Household Capital show that only one in four Australians is very confident they have sufficient funding to live well in retirement.

The survey revealed that many Australians who did not touch their superannuation during the COVID-19 early access to super scheme are still unlikely to have a large enough portion of their wealth in superannuation to comfortably retire.

However, much of the financial strain felt by older Australians is due to wanting to live in the family home, with 73 per cent of respondents saying they did not want to downsize.

Dr Joshua Funder, chief executive officer of Household Capital, said the Household Capital Retirement Outcomes survey clearly shows that the family home is not just the preferred retirement housing, but also by far the biggest store of retirement savings.

“Older Australians are among the wealthiest in the world,” Dr Funder said.

“They have been great investors and savers, diligently accumulating capital in their home. And almost everyone is aware of the role home equity can play in helping to fund their retirement.” 

The survey showed the median home value is 4.5 times the value of their superannuation balance (with other assets making up only 3 percent of their wealth).

City dwelling retirees hold an even greater proportion of their wealth in their home property; metropolitan areas showed a higher variance, and Sydney residents have homes which are 6.2 times their superannuation balance. 

In total, 82 per cent of the average person’s wealth is held in capital values of their home rather than in a superannuation fund or liquid assets.

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Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up in the family home, new research has revealed.

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