How much money do I need to retire in Australia?

According to the Association of Superannuation Funds of Australia's Retirement Standard,

to have a 'comfortable' retirement, couples will need $640,000 for a retirement income of $62,000 p.a.

Whereas, a single people will need $545,000 in retirement savings, to produce a retirement income of $44,000 p.a.

How much do you need to retire at age 60 in Australia?

According to the Association of Superannuation Funds of Australia's Retirement Standard,

to have a 'comfortable' retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.

However, our numbers suggest that if you are retiring at the age of 60 in Australia, looking for an average retirement income of $62,000:

You will require $830,000 in retirement assets, if you are looking for your assets to diminish at age 100.

However, you will only require $735,000 in investment assets, if you are looking for your investment assets to last until your life expectancy of age 85.

How much super do I need to retire at 55?

If you require the average retirement income of $62,000 per annum – you'll need around $850,000 in retirement assets to be sure you won't have to go back to work. With the capital longevity of these assets set to take you through to age 100.

However, if you wish to have assets to take you through to your life expectancy of 85, you will need around $780,000 in investment assets.

What is the average retirement income in Australia?

It's fair to assume that the average Australian might hope to live comfortably, if not lavishly, in retirement.

The widely-reported ASFA Retirement standard suggests couples can enjoy a 'comfortable lifestyle' on around $62,000 a year

How much do I need to retire on $100,000 a year in Australia?

$1,185,000 in superannuation & other liquid assets, if you are looking for your assets to diminish by your life expectancy age 85.

However, if you are looking for a retirement income of $100,000 a year to age 100, you will require $1,340,000.

WHAT IF I DON’T THINK I HAVE ENOUGH?

Australians approaching retirement who fear they don’t have enough need to talk to a Financial Advisor who will understand your concerns.

The next step is to consider the question: “If you want to go down this path, what’s the consequence?”

That means, if you’ve worked out you want to have $545,000 in super but only have $300,000,

what steps will you either take to work longer, earn more or adjust your goals?

It’s about understanding the choices you have and being able to assess your situation & understand what I’m giving up by going down this path.

When we partner with our clients who are looking to retire, we reiterate that there are always options.

It’s great that you’ve noticed you’re approaching retirement and you’re starting to think about that.

Now we want to sit down and get into action mode,

because there are so many strategies that are available to help you play catch up quicker than you might have thought.

That includes the option to downsize your home and put that profit into your super.

Also consider the role of Centrelink and concessional contributions in your plan.

Sit down with someone who knows these numbers … inside and out, and can map out your options so you can make an informed decision.

Prepared by www.canstar.com.au – 10/09/2020. Average balance per APRA’s 2019 Annual Superannuation Bulletin. Balance required today for comfortable retirement based on ASFA’s Super Balance Detective Calculator.

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How much money do I need to retire in Australia? According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.

How much do you need to retire at age 60 in Australia?

According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.

However, our numbers suggest that if you are retiring at the age of 60 in Australia, looking for an average retirement income of $62,000:

You will require $830,000 in you are looking for your assets to last until age 100.

However, you will only require $735,000 in investment assets, if you are looking for your investment assets to last until your life expectancy of age 85.

How much super do I need to retire at 55?

If you require the average retirement income of $62,000 per annum – you'll need around $850,000 in investment assets to be sure you won't have to go back to work. With the capital longevity of these assets set to take you through to age 100.

However, if you wish to have assets to take you through to your life expectancy of 85, you will need around $780,000 in investment assets.

What is the average retirement income in Australia?

It's fair to assume that the average Australian might hope to live comfortably, if not lavishly, in retirement. The widely-reported ASFA Retirement standard suggests couples can enjoy a 'comfortable lifestyle' on around $62,000 a year

How much do I need to retire on $100,000 a year in Australia?

$1,185,000 in superannuation & other liquid assets, if you are looking for your assets to diminish by your life expectancy age 85.

However, if you are looking for a retirement income of $100,000 a year to age 100, you will require $1,340,000.

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