How much is enough?
How do you know if you’ve got enough to fund all your retirement years?
Will your savings and super run out?
Are you getting the right amount of Age Pension?
We understand it can be difficult, if not impossible, to figure it all out without some expert help and guidance.
So how much is enough in retirement? And surely everyone’s situation is different?
We’re here to help guide you with the right advice and long-term strategy.
What is a comfortable amount in retirement?
ASFA Retirement Standard
The Association of Superannuation Funds Australia has created a benchmark – known as the ASFA Retirement Standard – which is widely referenced by finance professionals, retirement planners and media.
The standard outlines the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years.
Both budgets assume that the retirees own their own home outright and are relatively healthy.
The ASFA Retirement Standard is updated quarterly to reflect inflation and provides detailed budgets or what singles and couples would need to support their chosen lifestyle.
A modest retirement lifestyle is considered to be better than the Age Pension, but still only able to afford fairly basic activities.
A comfortable retirement lifestyle allows an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as: household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.
For more information, go to the ASFA website.