The Association of Superannuation funds of Australia (ASFA) estimates that to support a comfortable lifestyle^ in retirement, singles will need $41,830 and couples $57,195 per year*.
What are you on track to earn? Do you know what lump sum you will need to invest to produce the level of income you require in retirement?
Do you know what lump sum you will need over and above that required to produce an ongoing income to be able to pay for expenses such as updating the car, updating the home contents (such as buying a new fridge, washing machine, hot water service, dishwasher, TV, etc. when the old ones die), conducting home maintenance such as doing renovations to keep your property up to date and modern? If you don’t know the answer to these questions, you’re not alone by a long shot. And don’t worry, we can help.
*Source – ASFA Retirement Standard, September 2013.
^ASFA defines a comfortable lifestyle as one that enables an older healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through buying such things as household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment and holidays in Australia or overseas from time to time. The budget assumes that you own your own home.