People often ask “how much money will I need in superannuation for my retirement”. The answer, as you would expect, needs to be considered very carefully as there are many personal factors and variables to take into account.
A hypothetical place to start the planning process is to aim to own your home, be debt free and have superannuation investments that exceed the current maximum amounts for a part Age Pension: $863,500 for a couple or $574,500 if you are single.
If you have the good fortune to have an entitlement to a Defined Benefit Superannuation pension, it is an extraordinary advantage but it is not always enough in its own right.
If you would like to model your situation to see what income might be possible in retirement, visit ASIC’s Money Smart website and put your assumptions into one of their calculators:
We know from experience that to have the best chance of enjoying retirement you cannot afford to make mistakes along the way. In a world of falling interest rates, if you are intending to rely on cash returns to sustain you through a long and enjoyable retirement, you may well need to think very carefully about your strategy.
HOT TIP: In a constantly changing world, the need for sound financial advice has never been greater so perhaps it’s time to seize the moment and seek an independent review of your current situation with a trust professional to “See What’s Possible!”
Disclaimer: The information in this post is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. No representation is given, warranty made or responsibility taken about the accuracy, timeliness or completeness of the information and it must not be acted on. Because of this, we recommend you consider, with the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. Past performance is not a reliable indicator of future returns.
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