Retirement is the time to do the things you have always wanted to do. Careful planning can help ensure you are financially set up for a comfortable retirement.
How much money will you need in retirement?
The answer is different for everyone but, The Association of Superannuation Funds of Australia (ASFA) estimates that, for a couple to maintain a modest lifestyle in retirement, they’ll likely spend around $675 per week compared to a couple who wish to live a comfortable lifestyle who are likely to spend almost double that, at around $1,160 per week1.
A comfortable lifestyle includes extra items that are considered to be ‘comforts’, such as updating the kitchen or bathroom, eating out from time-to-time, entertaining at home, having private health insurance at the top rate, enjoying an occasional overseas holiday and being able to afford to buy nice clothes and gifts.
How much do you need to save?
ASFA suggests the lump sum amount required for a single person to support a comfortable lifestyle is just over half a million dollars. And, this is on top of owning your home.
Lump sums required
|To support a comfortable lifestyle in retirement for a:||You’ll likely need a lump sum of:|
Is there a gap in your retirement savings?
Take a look at the retirement gap calculator which can help you compare how much you have and how long it will last, compared to the lifestyle you want.
How a financial planner can help you
If you’re worried that your savings, super and investments won’t meet the retirement you want to make an appointment with a Bridges financial planner. Planning ahead can assist you in making the most of what you have and help you achieve financial security, reduce uncertainty and enjoy your retirement.
Getting the right advice
Contact us to arrange a free, no-obligation initial consultation with Bridges Financial Services.
How we can help you
Bridges Financial Services Pty Ltd (Bridges) ABN 60 003 474 977, ASX participant, AFSL No 240837. This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner. Examples are illustrative only and are subject to the assumptions and qualifications disclosed. In referring members to Bridges, Credit Union SA does not accept liability or responsibility for any acts, omissions or advice provided by Bridges or its authorised representatives. Bridges is part of the IOOF group.
Bridges pays up to $1,500 for business placed with Credit Union SA members and other people referred to Bridges by us. For investments placed before 1 July 2019, we also receive a trailing commission of up to 0.20% per annum of all funds held under management in The Portfolio Service on behalf of such people. The trailing commission ceases on 30 June 2021 or prior if no funds are held in the applicable platforms.