In QandA with Steve, we talk about some of the questions we receive from people just like you. It’s easy to get overwhelmed about your finances but talking to a financial planner is just the first step in creating your financial freedom.
This is the most difficult question to answer and most people have no idea whether their super balance is good or not.
Initially, you need to come up with a desired income for retirement and decide what age you would like to retire. ASIC’s MoneySmart website estimates that a couple who own their own home, retire at age 67 and have a life expectancy of age 85 need around $60,000pa to live a comfortable lifestyle. However, everyone’s circumstances are different, you need to decide what would work best for you.
Based on the above, as a couple retiring today, you would require around $1,000,000 at retirement to fund your living expenses for 18 years. If you’re 15 years or more away from retirement, then you’ll need to adjust that figure to allow for increases in living costs (inflation) so your retirement nest egg would need to be a lot higher. This is general information only and I would suggest seeking professional advice from a financial planner to establish your personal retirement goals.
You could also check an article in Latest News – ‘Is $1,000,000 enough to retire on?’ for some extra reading.
If you need help with this and achieving what you are working towards why not book a time to chat with me here, at no cost to you!
Note: The above information has been provided as general information and you should seek advice specific to your personal circumstances before taking any action.