Thinking About Retirement
Retirement is on the horizon and you are dreaming about all the wonderful things you are going to see and do in your life after work.
Putting the right plans in place while you are still working will give you the comfort of knowing that your future is under control.
We can help you:
- Identify your retirement goals
- Review your income and cash flow requirements
- Identify what assets (house, savings, and investments) you have and how much they are worth
- Assess any potential shortfall in your retirement savings & how to maximise your retirement savings effectively
- Take advantage of investment strategies to optimise your wealth planning
- Put plans in place to make your money last in retirement
- Determine when you can apply for the age pension and whether you are likely to be eligible
- Review your estate planning to ensure your assets will go to your loved ones tax effectively
How much money do I need to retire comfortably?
Ahhh – the magic question! How much money you need in your retirement nest egg will depend entirely on how you want to live in retirement.
It is important to realistically consider things like:
- How often would you like to travel? Where? What is it likely to cost
- How often would you like to upgrade your car
- Would you like to help out the kids?
These answers will have a very real impact on the amount of retirement savings you’ll need to accumulate & determine how long they’ll last.
According to the Association of Superannuation Funds of Australia’s Retirement Standard 20151, to have a ‘comfortable’ retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.
The Standard is updated four times a year to take into consideration the rising price of items like food and utility bills, as well as changing lifestyle expectations and spending habits. The Standard includes the cost of things such as health, communication, clothing, travel and household goods.
We can help you with a detailed analysis of your current strategy & whether it’s likely to produce the outcome you so richly deserve – if there’s a gap, we can show you how to bridge it.
(1). To see the latest Standard click here