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We all like to think that when we reach retirement age, our superannuation will have enough in it from our employer contributions to start drawing an income that will keep us going until the end. For many Australians however, this sadly won’t be the case. It is never too early to start examining what you would like to live on in retirement, and strategise on how to get there.
How much would a couple need for a comfortable retirement?
The latest “retirees’ costs of living” evaluation undertaken by the Association of Superannuation Funds of Australia (ASFA), determined that a couple would need a retirement income of $57,817 for a comfortable retirement while for a modest retirement a couple would need a retirement income of $33,509. ASFA estimates that from retirement at age 65 through to life expectancy, a ‘comfortable’ retirement would require combined superannuation balances of at least half a million dollars.
How much would a single person need for a comfortable retirement?
For a single person to enjoy a comfortable retirement, ASFA states they would require an income of $42,254 while a single person enjoying a modest retirement would need an income of $22,283. ASFA estimates that a single person seeking a comfortable retirement would need a balance of around$430,00 to last from age 65 to life expectancy.
What can be done to improve your chances of a ‘comfortable’ retirement?
There are many, many strategies that can be undertaken to improve your chance of reaching your income goals in retirement. You may not even need to contribute huge amounts or change your lifestyle, and the earlier you start to think about this the better. If you would like to undertake a review of your superannuation, click here to contact us.
To read the AFSA findings in full, click here
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