Retirement, it’s the reward we get for our lifetime of hard work. It’s where we finally get to wind-down, take it slow, smell the roses and perhaps even take up planting them.
So, how much money do you need in retirement? Well, the simple answer is…it’s individual and it’s subjective.
What is guaranteed though, is that what you put in place now with your financial planning, will impact your retirement planning and funds for the future.
Interested in discovering how much money is really needed for you, in retirement?
Read more from Crest, your Gold Coast Financial Planners to find out.
Case study one: a modest retirement lifestyle
A modest retirement lifestyle stands better than the standard Australian age pension, but still only covers basic activities. You wouldn’t be going without, but you wouldn’t be living the high life, either.
The figures in motion:
- That’s living on $524 a week for a single retiree and $754 for a retired couple.
- This amounts to $27,368 for single retirees per year and $39,353 per year for couples.
How can you get to a modest retirement lifestyle (with full age pension)?
By having at least $150,000 (individual, not coupled) in your super balance, before taking inflation into account and assuming you own your own home.
Struggling to see how this will happen for you?
Talk with your Gold Coast financial planner for fool-proof financial strategies to prepare for your future. Also, find out how you can turn a modest retirement forecast into a comfortable one.
Case study two: a comfortable retirement lifestyle
What does a comfortable retirement look like to you?
Is it weekly wining and dining, lavishly with life-long friends, hitting the road for months at a time in your very own all-inclusive caravan, or some other attractive dream?
Well, let’s just say for arguments sake it involves a broad range of recreational and leisure activities, a good standard of living, no ‘going without’ and little to no financial worries. That’s the dream!
The figures in motion:
- That’s living on or over $819 for a single retiree and $1,154 for a retired couple.
- This amounts to or above $42,764 for single retirees and $60,264 per year for couples.
How can you get to a comfortable retirement lifestyle (with part age pension)?
By having at least $275,000 (individual, not coupled) in your super balance.
You work hard for your money, but don’t think you’ll ever get to that big super balance?
See what’s possible when you put the wheels in motion now and take the guiding hand of help from a financial planning expert on the Gold Coast.
Financially plan for your future with Crest
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Need help with financial planning and creating a retirement fund?
Contact us today for financial planning that grows, protects and rewards wealth in your later years.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.