When it comes to super, small extra contributions made early in life can result in a bigger pay-off than larger contributions left till the last moment.
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As a first step, the following are key articles that cover planning your retirement.
Set out below are the latest articles that relate to plan your retirement.
It’s a common question, but the answer to your optimum pension drawdown may be as simple as spend your age.
How much will $3.4m in super generate in retirement income for a couple across 25, 30 or 25 years?
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 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.
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 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?
Recently there have been advances in the way retirement calculators are being designed, meaning that users are no longer required to assume how long they are going to live or what investment returns will be.
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.
Finding a truly independent financial adviser is not easy, but don’t let that put you off. We’ve done the hard work for you.
The widely-reported ASFA Retirement standard suggests couples can enjoy a ‘comfortable lifestyle’ on just over $60,000 a year while singles can do the same on around $43,000. If that sounds less than comfortable to you, perhaps an income of $100,000 a year is closer to the mark.
So, you’ve done some preliminary sums and think you will need around $80,000 a year to live well in retirement. The ASFA Retirement standard suggests couples can enjoy a ‘comfortable lifestyle’ on around $60,000 a year and singles on about $43,000 a year. By this yardstick, $80,000 a year should support a more than comfortable retirement.
If $60,000 a year sounds like your kind of retirement, the next step is to work out how much super you will need to fund it.
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.