Chris (47) earns $180,000 per year and has $430,000 in super. Lisa (48) earns $80,000 per year and has $220,000 in super. They have one daughter at university and are close to paying off their mortgage. They want to know if they are on track to retire when Chris turns 60.
Dan (60) is a freelance web designer who earns $76,000 a year. He hasn’t always put money aside for super, so his balance is a relatively low $120,000.
There can be a bit of a learning curve with MoneySmart’s Retirement Planner, and it may appear intimidating at first glance, so we created a short video to help you get an understanding of how the tool works.
Deb is worried that she won’t have enough savings to live comfortably in retirement and, at age 52, wonders if she’s left it too late to catch up.
Amara Haqqani from Milliman discusses how the estimates we hear about how much super someone needs for retirement are limited because everyone’s needs are unique.
Knowing what and where you will spend will make retirement planning much easier, and help you avoid retirees’ biggest fear: outliving their savings.
SuperGuide’s Super to income Reckoner can help you quickly and simply understand approximately how much retirement income your super savings might be able to generate.
SuperGuide’s Income from super reckoner can help you quickly and simply understand the approximate super savings you need to fund your desired retirement income.
If $50,000 a year sounds like your kind of retirement, the next step is to work out how much super you will need to fund it.
According to the ASFA Retirement Standard, a couple can live a ‘comfortable lifestyle’ with a retirement balance of $640,000 while singles can enjoy the same with $545,000. But these are guidelines only.
A million dollars is often talked about as the gold standard of retirement savings, but it is a suspiciously round number. Depending on your personal circumstances, you might live well on much less, say $750,000, especially if you are not a big traveller or you intend to continue working well into your 70s.
A million dollars is often bandied about as the gold standard of retirement savings. It certainly sounds like a lot of money, but is it enough to retire on not just comfortably but in style?
Since 1 July 2017 there has been a $1.6 million limit on the amount you can transfer into a super account in pension phase. The question is, is this an arbitrary figure dreamed up by bureaucrats or is it enough for a dream retirement?
A million dollars is often cited as the gold standard of retirement savings. It certainly sounds like a lot of money, but it may not provide the income you require if you are a couple or if one of you has high healthcare needs.
How much will $3.2m in super generate in retirement income for a couple across 25, 30 or 25 years?