The last baby boomers turned 50 this year and many are facing an uncertain retirement on the financial front, however there is still time to make a big difference to your financial future at this age. This age group won’t be able to access the government aged pension until 69 or 70 according to planned changes to the pension age, giving them two decades to take advantage of generous tax rules and incentives around super.

However, baby boomers, born between 1946 and 1964, will still need to overcome several obstacles including their own mindset.  According to the Association of Superannuation Funds of Australia, a couple needs about $510,000 of super and other money saved to enjoy a comfortable retirement partly funded by the age pension. To be fully self-funded, most would need at least twice that amount.

So, make sure you look into your options today, and look for ways to financially prepare for retirement now. It’s never too late to start, after all.

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