It's never to late to start planning for retirement.


It's never to late to start planning for retirement.  Aspire Retire's Olivia Maragna and Australian Adviser of the Year responds to this question as finance expert for Brisbane Times.

Question from John, of Capalaba:

I don't own a house. I'm unlikely to be in a position to buy a house. Ever. This is okay now that I'm earning money, but will it be a problem when I'm in retirement?

Olivia says:

While there are some obvious advantages to renting in retirement such as no grass to mow, no leaky roof to replace and no rates to pay, the biggest risk of renting is that you may run out of money and you can’t afford to pay the rent. With rent assistance from Centrelink being approximately $60 per week and with the maximum age pension for singles being under $18,512 per year and $27,898 per year for couples, the figures are an incentive to maximise your savings while working.

It is never too late to start planning for your retirement so have a look at what you are doing now to maximise your savings.  Here are some simple tips to help save that bit extra.

  1. Hide it before you spend it. Arrange for your employer to automatically deduct money from your pay to a separate account that you never see. Or sacrifice some of your pay into super to boost your retirement funds. If you can’t see the money then it is less likely to be spent.
  2. Take on a part time job, work extra hours or even overtime and save the extra money for investments. If you are not sure on what to invest in, speak to a financial adviser to discuss the options available.
  3. Save windfalls. On occasion, a chunk of money can come your way – a bonus, tax refund or an annual leave payout.  It's all right to give yourself a little treat but make good use of it to invest.
  4. Spend less. Careful spending doesn't need to impact on your lifestyle. A simple thing like cooking at home rather than take away can save an enormous amount of money.

A disciplined approach to savings can work without killing your lifestyle.  Be creative with it and it will make a real difference to retirement.

Olivia Maragna is is the Principal Financial Adviser at Woolloongabba based firm Aspire Retire Financial Services. She is providing finance advice as part of's Good Advice project.

Send your finance questions to Olivia at

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