Careful planning can help ensure you are financially set up for a comfortable retirement.
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.
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.
|To support a comfortable lifestyle in retirement for a:||You'll likely need a lump sum of:|
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.
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.