Ever wondered how you could retire earlier?

Dreaming of retiring early and sipping margaritas on a beach? Well, it's not just a fantasy — it can be your reality with the right game plan. With more than 60% of Australians feeling anxious about retirement due to the cost of living crisis, it’s crucial to take control of your financial future. [i]

On International Youth Day, we want to take the time to walk you through some considered steps that will set you up so you can retire on your terms and embrace financial freedom.?

Define your 'why'

Start by identifying why early retirement matters to you. Whether it's pursuing passions, spending time with family, or just enjoying life, having a clear goal will keep you motivated.

Start by tracking your spending, cut unnecessary expenses where you can, and create a budget that aligns with your life and early retirement goals. This step is crucial for saving more and optimising your financial resources.

Ensure you have a robust emergency fund. This safety net will cover unexpected expenses and prevent you from dipping into your retirement savings prematurely.

Invest strategically

Every little bit counts, so start early. Investing just $100 in your super at age 18 can grow significantly over time.?

Recent Otivo modelling shows younger Australians are missing out on higher super returns due to a lack of knowledge, and inaccessibility to comprehensive and quality financial advice. Our data shows those Australians making voluntary contributions to their super are 15-40% better off than those who don’t. In fact, starting contributions early can result in a 32% larger superannuation balance by retirement. [ii]

From little things, big things grow

To further boost your super balance, consider taking up salary sacrifice arrangements offered at your workplace. Otivo offers expert advice around how much you can afford and even supplies a sample letter that you can pass on to your boss to get the ball rolling.

Reduce your debts

Prioritise paying off high-interest debts, such as credit cards and loans. Reducing debt not only frees up more money for saving but also improves your financial health.

Make sure you have personal insurance in place to safeguard against unforeseen events that could derail your financial plans.

Exploring additional income streams, like side hustles or passive investments can further bolster your financial security and provide the flexibility needed to accelerate your retirement goals.?

Looking for ways to retire on your own terms? Otivo can help with that.?

At Otivo, we believe in making financial advice accessible, affordable, and personalised for everyone. We help Australians bridge the knowledge gap and take control of their financial futures — so you can retire on your terms, maybe even a little earlier than planned (if you wish).?

Being better off isn’t just about boosting your bank balance — it’s about gaining the confidence and peace of mind that comes from knowing your financial future is secure.

With a little help from Otivo, you can take control of your financial future and work towards achieving your retirement goals sooner.

Try Otivo today.

[i] Source: Otivo’s Super +? Advice Report 2024

[ii] Source: As above.