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.

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.

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How much money do you need to retire?

Australians looking to enjoy a comfortable retirement have been told they need $640,000 in superannuation as a couple or $545,000 as a single.

A ‘comfortable’ retirement is one that includes one international holiday a year, good clothes, bottled wine, private health insurance and a reasonable budget for home improvements, as defined by Association of Superannuation Funds of Australia (ASFA).

Conversely, someone having a ‘modest’ retirement is looking at one or two short breaks near where they live, cask wine and no budget for home improvements beyond repairs. Both budgets assume the retiree is healthy and owns their home.

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7 reasons to refinance your home loan

If you have a home loan, there are many reasons you may consider refinancing. That could include wanting to borrow more, access different home loan features or simply to get a better interest rate.

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7 things you need to get a home loan.

Before you get a home loan there are certain things you’ll still need. We explore what they are and what difference they’ll make to your loan application.

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How to use your home equity to buy an investment property.

If you have enough equity in your home, you may be able to use it to buy an investment property and even to build a property portfolio.

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Given that I focus on retirement planning for individuals, I am often asked the simple question, “Why?”

There are 3 main reasons: It is needed, I can relate, I can truly help & make a difference.

Retirement planning is complex. As a retiree, you only get to go through retirement one time.

As a retirement planner, I get the collective experience of going through retirement hundreds of times. And I live, eat and breathe retirement for fun.

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When considering switching advisors, the final decision regarding who to hire often resides with the person that handles the day-to-day finances and retirement planning. This is not surprising. But is your spouse in total agreement that person is the right fit?

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As you close in on retirement, it’s relatively common to consider changing advisors.

I often inquire when meeting a prospective client for the first time as to why they are considering making a change, and the answer usually falls within one of two categories:

(1) They question whether or not their advisor has the expertise necessary to get them through their retirement or

(2) Their advisor is roughly their age and likely considering retirement as well, so they understandably feel the need to deal with this issue before they retire to minimise the inevitable disruption to their own retirement.

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We don’t know what the future holds in terms of various market returns to know whether a certain allocation or withdrawal strategy is optimal.

In addition, we don’t know what is going to occur in your life that will inevitably require changes.

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When choosing a financial advisor, it’s critical that you agree on a common set of beliefs to ensure that proper expectations are set. Therefore, we felt it would be helpful to make our specific investing principles available.

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When choosing a financial planner, it is critical that you agree on a common set of beliefs to ensure that expectations are set.

Therefore, Newcastle Advisors felt it would be helpful to make our specific financial planning principles available.

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This cost of inaction can be significant both financially & emotionally.

The cost of not providing your family with the peace of mind, security, freedom & choice is underestimated when considering the cost of inaction.

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Just about everyone who provides financial advice — myself included — encourages you to start by setting some goals.

After all, how can you make good decisions if you don’t first know where you want to go? The truth is that your goals are incredibly important. They shape your decisions. They drive your behaviour. They define how you view success and failure. And over time they end up determining the kind of life you build for yourself and your family.

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Like the computer game, it is a battlefield out there, full of things that can kill you financially and you need trusted guides to help you get through it. With our help, we can lay out a plan that will help you anticipate the challenges, avoid unnecessary stress and arrive at your ideal financial destination.

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The current COVID-19 restrictions have led to many having more time on their hands & therefore dabbling in shares. One of the greatest cases of wealth destruction occurs when people start telling themselves they are investing, when they are really gambling.

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Deciding how to use an inheritance wisely can be overwhelming.

When a loved one passes away finances are likely the last thing on your mind. However, if that loved one chooses to leave you an inheritance, it’s worth taking the time to consider your options for investing and growing those funds in a way that will honour their memory.

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We have seen over the years, this can become a real problem at time of claim. When people think they have insurance and it may well not be the situation when tragedy strikes. Our Newcastle Advisors believe that there is a serious problem, when families take out their direct insurance thinking that the family is covered.

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After 15 years of providing financial advice to Australians, we have found that many self employed workers run the risk of not having enough savings to enjoy a comfortable lifestyle in retirement.

We have put together a program that supports self employed people who are looking at retiring.

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Do you have a problem you’d like some personal help with?

We know it can be a little scary asking for help sometimes, but we just wanted you to know…

We’re here to help, so please feel free to reach out

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When is financial planning needed most & what services can a financial planner provide?

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