Are you living the dream?

Have you ever sat back and wondered if you’re living the dream? Or how your dream of the good life compares to those around you?

Suncorp took that concept one step further and asked working Australians what their hopes, goals and dreams were as part of our ‘Living the Dream’ research.

The study found that you may not be much different from your neighbours over the back fence as you initially thought, especially when it comes to what we really value and prioritise in life.
With an estimated 11.5 million Australians heading off to work each day, it’s good to know that 9 out of 10 of us have dreams, goals and plans for our lives.
And thankfully we are not a superficial bunch either, with many of us desiring family, fun and happiness over power, wealth and fame.

That’s not to say that a few extra dollars in your retirement savings or a little runabout for a spot of fishing wouldn’t exactly be a bad thing.
Overall though, nearly 80 per cent of us said they were living the dream, while over 75 per cent of us are actively pursuing lifestyle goals.
Similarly, the research uncovered the determination of Aussie spirit to achieve what we want in life.

And what we want is to be home to tuck the kids into bed, have time to catch up with friends and take regular holidays.

More importantly, the majority of everyday working Australians have this balance.

On the financial flip side…

Alarmingly the report also revealed that one and a half million of us have no goals, dreams or plans for their lives, and 4.3 million Aussies have given up on some of their dreams.

And it’s the dreams, or lack thereof, we have around superannuation and retirement that are particularly concerning – especially as they play a large role in achieving some of our other life dreams.

Despite more than two thirds of us hoping to retire before the age of 70, more than 3 out of 10 people don’t plan for their retirement.

The study also found that Gen Y dream the biggest for their retirement years, with almost a quarter of them believing they will retire before age 55.
Tips for Living your Dream

The good thing is that it’s never too late to take action and do something about making your dreams a reality.

  • Are you over 55? A transition to a retirement strategy could let you either fast track your super or change to part time work – both without any reduction in your take-home pay
  • Are you in your 40’s? Chances are you are busy and burdened with financial responsibilities, increased family commitments and work pressures. While your priority might be paying off your debts, it is important to keep your eye on contribution limits and benefit from tax advantages
  • Are you a Gen Y’er? You might be focused on immediate and medium-term goals like travelling and saving for a deposit on your first home. However now is a great time to start saving for longer-term goals;

Are you a mum who has spent some time out of the workforce? Suncorp’s ’1% Rule’ suggests simply adding one per cent to your super when you return to the workforce after maternity leave. This is a simple yet effective way to recoup retirement savings after taking time out of the paid workforce.

You can read the full report online


Tags: Retirement