How to save up a nest egg and reduce stress about retirement finances
Whether retirement is aeons away or just around the corner, the question of finances never really goes away. And for many of us, the thought of not having enough money to last our golden years can be a major source of stress. In fact, according to a recent survey by investment firm, Franklin Templeton, a lack of savings is driving widespread anxiety among younger generations of Australians in particular.The survey found that 70% of Australians in Generation Y experience stress or anxiety when thinking about their retirement savings and investments, and 74% of Generation X aren’t too hopeful about their retirement finances either. "We often hear that retired Australians or those nearing retirement are highly concerned about the adequacy of their finances to support their retirement. However, concern among younger Australians is even more widespread," said Manuel Damianakis, Head of Retail for Franklin Templeton in Australia.73% of Gen Y and 68% of Gen X respondents expressed concern they were behind on their retirement savings, with many convinced they'll never get a chance to retire, or will have to work part-time to fund their retirement."When you consider that there are so many different projections about the amount of money a person will need in retirement, and estimates can differ by millions of dollars, this general malaise about retirement finance is not hard to understand," said Mr Damianakis. Easing that anxiety won’t be the easiest thing in the world, but it’s not impossible. Here are a few things you can do now to make sure you have a sizeable nest egg by the time you retire.
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