How You Can Grow Your Retirement Savings Beyond Superannuation

Superannuation is an excellent long-term investment specifically designed to serve as Australians’ source of money when retirement comes. 

However, as life expectancy and inflation continue to increase, many retirees are having to source other income streams to supplement their superannuation.

Planning ahead for your retirement can help you become smarter with your finances and allow you to have more savings for the future.

You may have already considered our 4 Practical Tips and Tricks to Grow Your Superannuation.

However, it’s important to note that while you are growing your super, you may want to consider other investment options to give you the best opportunity of reaching your retirement goals. 

Here are some investment tips you can explore:

Tip 1: Consider Investing in Shares

If you have extra money that you want to invest, then shares are a great option, as they can make significant returns on your capital. The higher risk you are willing to take when it comes to shares, the more potential you have to gain high returns. 

However, with high-risk investments, you can experience losses. That being said, investing in shares should be considered a long-term investment strategy to allow you to get the most out of your money.

Why are Shares a Good Investment?

Shares come with the potential to grow your money quicker than other options so, if you want to retire sooner, investing in shares may be a good option.

They can grow a small amount of money quicker than many other forms of investment, making shares a valuable investment. 

It’s crucial to do your research and work with a professional to know what you are investing in before you begin investing your hard-earned money.

Tip 2: Invest Money in Property

While shares can be risky, they also come with the possibility of making a huge return on your investment. By comparison, property can be an incredibly valuable investment. 

With housing prices increasing all across the nation, many investors are choosing to secure A property investment.

Why Is Property a Good Investment?

The main reason a property can be a good investment is that it’s considered one of the safest investments around as housing prices are unlikely to fall in the near future. 

Investment properties can be a great way to grow your money quickly. You can likely benefit from rental income, and capital gains in a short period of time. 

Regarding returns, property investments are usually more stable and safer over the long term, making them a more reliable investment, compared to shares. 

However, it’s also important to note that property is far less flexible than shares. Shares can be bought and sold very quickly. Further, you can sell some shares while keeping the others. However, property is a large asset and a complex asset to sell.

Plus, if you need access to funds, you are unable to sell part of your property. For this reason, property investments can be less flexible than share investments.

Tip 3: Debt Recycling

Not everyone has the money to invest in a new property or shares and they may have to pay off their debts. If you’re in this situation, you can effectively recycle your existing debts by rolling them over into new debts. 

Learn more HERE about: 3 Reasons to Debt Recycle Your Home Loan

Why Is Debt Recycling a Good Move?

Debt recycling is a popular option to pay off debts, especially mortgage debts, faster and with less of an impact on your finances.

Debt recycling can be an effective way to manage debt and reduce your overall debt over time. This strategy allows you to reduce your interest rates by rolling your one debt into a new one by repaying your current debt with a new loan. 

By resetting the terms of your loan, you can keep the term on the loan shorter and reduce your overall interest paid. It can be an excellent idea for people who want to pay off specific debts without having to save up the entire amount.

This can be a complicated investment strategy so it may be wise to discuss with a trusted financial adviser.

How Can Blue Financial Help You with Investments?

Although you don’t have to put your extra money into shares, property or debts to make your money grow, they are all investment options to grow your money. Regardless of which investment you choose, it’s essential to know what you’re getting yourself into and do your research before diving into the deep end.

If you are seeking a financial advisor in Ballarat for retirement help or growing your wealth for a short-term or long-term goal, Blue Financial Ballarat can help. 

We are one of the longest-established financial planning firms in Ballarat, and you can trust us to assist you in achieving your goals. Book your complimentary introductory chat with us today.

General Advice Warning: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

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