Retirement Planning

Retirement is the time to do the things you have always wanted to do. Careful planning can help ensure you are financially set up for a comfortable retirement.

How much money will you need in 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 $767.32 per week compared to a couple who wish to live a comfortable lifestyle who are likely to spend almost double that, at around $1,178.59 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.

How much do you need to save?

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.

Lump sums required

To support a comfortable lifestyle in retirement for a:You’ll likely need a lump sum of:
Couple$640,000
Single$545,000

How a Collaborative Wealth Partners planner can help

If you are planning towards your retirement, you will need to consider your savings, superannuation and investments, retirement lifestyle and other aspirational goals. 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.

Get in touch with a Collaborative Wealth Partners financial planner

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