Home · Latest News · Finance (628)
Saturday, July 20, 2019 - 04:53:01
  Divi WordPress Theme
0
 
How much superannuation is enough? Retirement Financial Planning
Monday, February 25, 2019 · 05:54:21 · Hits: 15 · Reviews: 0
Financial Insurance advice
Simon2012
5 Months Ago via in Finance

What have you got planned for your retirement? For some of us it might be international travel, indulging in a new or favourite pastime, or simply spending time with the grandchildren. Others may be hoping to retire earlier because their current job is physically demanding.

Whatever your retirement goals, making sure you fulfil them is largely down to how much you have saved in your super. The government Age Pension may seem like a reassuring safety net, but it’s not really designed to fund the standard of living you’re probably hoping for.

With life expectancy for a 60 year old expected to rise from 86 for men and 89 for women now to 91 and 93 respectively by 2055, many of us will spend more than a quarter of our life retired.1 And as our population ages, it’s likely age pension entitlements will continue to change – making it more important than ever to be self-sufficient in retirement.

The life expectancy of Australians continues to rise, so you could spend more than a quarter of your life retired.

So when Retirement Financial planning you ask when can I retire?

The first decision you need to make is when to retire – and this will depend on many personal considerations. Start by checking your age pension entitlement age and ‘preservation age’ (when you can access your super) here.

For example, if you’re born in 1957 you’ll be eligible for the age pension at 67 but you can access your superannuation savings from the age of 55.

The amount of super you will need once you retire depends on:


  • the lifestyle you want

  • your health and medical bills

  • how long you live after retirement

  • any other one off or ongoing repayments or financial responsibilities.

The Association of Superannuation Funds of Australia (ASFA) Retirement Standard2 benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living when they retire, and is updated quarterly.


ASFA defines three levels of living standards, and assumes you own your home outright and are relatively healthy.


Comfortable


A comfortable retiree could afford a decent annual holiday in Australia and eat out regularly at good restaurants. You would be able to make home improvements, have a reasonable car and hold private health insurance.


Modest


A modest lifestyle could afford you short holiday breaks in Australia, with some cheaper eating out at local restaurants. You could repair your home but wouldn’t have the funds for any major improvements. You might have an older car and private health insurance.


Basic


If you need to rely solely on the age pension, you would find additional expenses such as car repairs, leaking roofs and holidays a challenge. Even heating bills could cause you financial stress.

Comments
Not yet reviewed by any member. You can be the first one to write a review.
Sponsor
Latest News
190720042916.jpg जादू,वशीकरण किसी भी स्त्री या पुरुष के मन और शरीर को अपने वश में करने की अदभुद शक्ति है काला जादू,वशीकरण द्वारा आप किसी भी पुरुष या स्त्री को पूरी तरह से अपने वश में कर सकते...
Sat, Jul 20, 19, 24 Minutes Ago in Health
190720042642.jpg Astrology molvi ji +91-9116334052 Get Marriage Problems Solution By Astrology molvi ji +91-9116334052 Get Love Problems Solution By Astrology +91-9116334052 Get Your Love Back...
Sat, Jul 20, 19, 26 Minutes Ago in Health
190720042415.jpg Goldmedlist astrologer all problem solution molvi ji +91-9116334052Astro > Love vashikaran specialist molvi ji+91-9116334052 business losses and visa problem solution molvi ji...
Sat, Jul 20, 19, 29 Minutes Ago in Health
190720042203.jpg astrological and related solutions for all problems of one s life like Love affairs Love marriages* vashikaran for love Health problems* Business Problems* Black magic...
Sat, Jul 20, 19, 31 Minutes Ago in Health
190720041947.jpg love marriage problem solution Love marriage with parents approval Love vashikaran specialist baba ji Vashikaran mantra in specialist Vashikaran mantra for love marriage...
Sat, Jul 20, 19, 33 Minutes Ago in Health
190720041649.jpg LOve Breakup#~~~PRoblem Solution expert muslim baba ji +91-9116334052 LucknowLOve Breakup#~~~PRoblem Solution expert muslim baba ji +91-9116334052 LucknowLOve...
Sat, Jul 20, 19, 36 Minutes Ago in Health
190720041431.jpg Get love | business | job | success or marriage solution by molvi ji +91-9116334052 Lost Love Back Or Ex Love Back Specialist molvi ji +91-9116334052 Get Husband Or Wife...
Sat, Jul 20, 19, 39 Minutes Ago in Health
190720041226.jpg The good astrologer is a one who not only gives you a solution for your problem, but in fact takes your problems of life on him and then eradicates it from the root only. just...
Sat, Jul 20, 19, 41 Minutes Ago in Health