The answer is different for everyone but, The Association of Superannuation Funds of Australia (ASFA) estimates that, for a couple to maintain a modest lifestyle in retirement, they’ll likely spend around $675 per week compared to a couple who wish to live a comfortable lifestyle who are likely to spend almost double that, at around $1,160 per week1.
A comfortable lifestyle includes extra items that are considered to be ‘comforts’, such as updating the kitchen or bathroom, eating out from time-to-time, entertaining at home, having private health insurance at the top rate, enjoying an occasional overseas holiday and being able to afford to buy nice clothes and gifts.
How much do you need to save?
ASFA suggests the lump sum amount required for a single person to support a comfortable lifestyle is just over half a million dollars. And, this is on top of owning your home.
Lump sums required
|To support a comfortable lifestyle in retirement for a:
||You’ll likely need a lump sum of:
Is there a gap in your retirement savings?
Take a look at the retirement gap calculator which can help you compare how much you have and how long it will last, compared to the lifestyle you want.
How a financial planner can help you
If you’re worried that your savings, super and investments won’t meet the retirement you want make an appointment with a Bridges financial planner. Planning ahead can assist you in making the most of what you have and help you achieve financial security, reduce uncertainty and enjoy your retirement.
To find out more about planning for your retirement view the ‘How much super is enough’ or ‘Retirement income’ online videos.
To make an appointment with a Bridges financial planner visit one of our branches and speak with one of our friendly staff or call us on 1300 369 900.
1 ASFA Retirement Standard – September 2017
Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX participant. AFSL 240837. Part of the IOOF group.
This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner. In referring customers to Bridges, Family First Credit Union Limited does not accept liability or responsibility for any act or omission or advice provided by Bridges or its authorised representatives.