Ask Paul: I'm 48 and don't own a house, is it too late to retire comfortably?
Q. Hi Paul, I'm 48 and I have $100,000 in superannuation.
I don't own a house; I have no assets and am wondering if it is too late to have a comfortable retirement?
I work full time, and other than adding to my super what else can I do? - Bernie
A. Bernie, the good news is you do have assets - $100,000 in super is a nice start.
Then you have two other advantages. You are 48 and have plenty of time in front of you.
Also, you have a full-time job. This means your super is growing through employer contributions and also investment returns.
Yes, you could just concentrate on building super and as you got into your mid-60s I am sure you would have a very nice balance.
Add a bit of aged pension to this and I do see you with a comfortable retirement.
But I am interested in what else you can do. I am sure you have done this, but controlling your cash flow is the key.
It may well be the case that you can top up super while building savings outside super. I would like to see you do this because, in a perfect world, building a deposit and buying an apartment or home to live in would be great.
But just getting to retirement with a healthy super balance is a powerful plan. A bit outside super and a potential option to buy pre-retirement would be cream on the cake.