We asked three Baby Boomers to share some of their best money tips, as well as the biggest thing they would tell their 21-year-old self, knowing what they do now. The results are enlightening.
What did you do to set yourself up for retirement over the course of your working life?
I was always pretty good at saving but, unfortunately, the company I worked at for the longest had an old-fashioned view that women would leave to marry, have babies and not re-enter the workforce. Because of this, women weren’t allowed to join the super scheme until they had turned 25. I had been working for eight years before I became eligible.
I continued to save and put as much as I could into paying off the unit. I also lived at home, which helped immensely. Despite the good job positions I never earned more than $35,000 a year during my whole working life, therefore the opportunity to amass much super wasn’t achievable.Make better use of sharemarket opportunities and managed funds at an early age. Do some salary sacrificing to super because it is a perfect method of self-regulated retirement saving.The most important thing is not to assume that you will still be working at normal retirement age, so set yourself up from an early age.
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