Planning for your future
Whatever your age it's important to plan for your future - whether by paying off debt or preparing for retirement. But to determine whether your plans will meet your needs, you first need to establish what your needs are.
The calculators at www.sorted.org.nz will assist you in determining how much money you'll need in retirement, but be warned that this is calculated based on 70% of your existing income. Most people want their standard of living to improve or at least stay the same in retirement. Furthermore medical bills and insurances tend to be more expensive in retirement, more time at home means higher utility costs and if you dream of traveling, buying a nice boat or car you're likely to need more than 70% of your existing income.
You don't have to be wealthy to invest, but you do have to invest to be wealthy.
