This may be helpful for people to do by the time they are 60 :-

  1. Know how long your savings will last
  2. Clear all debts and pay off your mortgage (don’t use superfunds to pay out the home loan and/or other bad debts)
  3. Lower your living costs
  4. Draw Up a Will and have a good Estate Plan
  5. Keep your advisors close, i.e accountant, lawyer, financial advisor
  6. Maximize the value of your family home (explore the options of selling, downsizing and funding your retirement through the proceeds)
  7. Look into retirement living options
  8. Understand Aged Care options
  9. Simplify your family and/or corporate structures
  10. Prepare for your next generation. Being asked to fund your grandchildren’s education or your children’s lifestyle can be a difficult request to decline. Do your best to ensure that your children are responsible and have jobs that produce incomes that cover their own expenses. Many mature children now rely on parents’ inheritance to help with home deposits or have them provide parental guarantees.