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.
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.
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.
The amount of super YOU need to retire will depend on your personal circumstances, financial resources both inside and outside super and your lifestyle. So before you set an arbitrary super target, block out the fearmongers and think about the big picture.
We asked financial advisers to share their top tips. From downsizing your home to changing the way you think about retirement, here’s what they want us to know.
While we are strong believers that super is, well, super, we appreciate there is also a place for retirement savings held outside super. In this article, we explain when and why.
It’s often said that location is everything where property is concerned, but it also makes a big difference to how far your money stretches in retirement.
On 1 July 2017, the transfer balance cap was introduced for Australians in retirement. Find out how it works and whether it impacts you.
While older people often eat less than when they were younger, they actually have increased dietary requirements for a range of nutrients. This mismatch between food intake and nutritional requirements can potentially result in deficiencies and accelerate ageing and disease risk. Discover what nutrients you need to increase once you hit 70.
When will I die? This question has endured across cultures and civilisations. It has given rise to a plethora of religions and spiritual paths over thousands of years, and more recently, some highly amusing apps.
There are a range of concession cards that Australian seniors and pensioners may be eligible for. Depending on the card, you may be entitled to cheaper medicines and discounts on services such as public transport, council rates and power bills.
The bushfires in Australia have ravaged millions of hectares, left thousands of people homeless and killed millions (if not billions) of native animals. The devastation has left many retirees in bushfire-prone areas wondering what is an appropriate level of home and contents insurance.
Life expectancy is a complex topic, so we’ve put together a straightforward guide to help explain the key concepts – enabling you to plan your retirement with a bit more confidence.
The sooner you start planning, the better your chances of making the most of your retirement years. So get the ball rolling by working through these 7 simple steps.
Building a sizeable retirement nest egg can take some effort, but a recent study by Roy Morgan found only 18% of employees with super currently have more than the compulsory 9.5% of their salary or wages going into their super fund account.