Planning Ahead For Your Desired Retirement
As a hard working Australian, you are looking forward to retiring and putting your feet up. But how you are going to finance your lifestyle after you retire? What type of retirement lifestyle do you want? Do you dream of travelling the world, or just want the assurance that you won’t need to worry about financial constraints while tending to your garden? Research has answers for both these lifestyles and anything in between. One thing is for certain though; you need proper planning to achieve either.
If you desire to live large during your retirement, you may need up to $1 million to finance your lifestyle. Getting there will require more than the Age Pension. You will need to consider additional strategies like boosting your super savings or extra investment.
If you would just like to guarantee good health and a home, the Association of Superannuation Funds of Australia suggests you will need an annual income of more than $34,000 for a couple. You would need at least $60,000 a year as a couple for basic luxuries like occasional travel and a reasonable car.
Relying on the Age Pension as your main income source for retirement would stretch you very thin.
Our free super calculators can help you work out how much super you need for your desired lifestyle in retirement.
With these approximates and the type of retirement you want in mind, how do you then ensure that you have enough to retire?
- Take control of your finances. Work out how much money you have now, how much you might have in the future and where it will come from.
- Get some professional advice promptly and make a long-term financial plan. Think about how you can use your different income sources to fund the different stages of your life.
- Find ways to grow your retirement savings, such as diversifying your investments, boosting your super savings, and managing your spending.
Do you need help planning for your retirement? Want to find out ways you can boost your super savings? Contact us today – we are here to help!