There is no correct answer to how much do you need to retire. It is up to you and how you want to spend your retirement years.
To start working out how much will be enough for you, think about what your ideal retirement looks like, and at what age you think you’ll retire.
Having a good idea about when you plan to retire and setting a realistic date can help bring things into focus. Then, you can start to look at what things you can do between now and then, to get where you want to be.
Here are some things to consider when figuring out your retirement lifestyle.
How much do you spend on groceries and everyday items? Do you eat out regularly? Do you take regular holidays? Any renovation plans? What hobbies do you have, or plan on taking up?
The Age Pension is a government entitlement and is available to any Australian who meets the age and residency requirements. The amount you receive depends on a range of factors such as your assets, how much super you have and any other income you may receive in retirement such as rental returns.
When you retire will play a big part in how much super you’ll need. People are generally living longer, and retirees can expect to live well into their eighties, so if you plan to retire at 65 you’re likely to need a source of income for at least 20 years.
To help estimate how much you’ll need to live your dream retirement try the Retirement income calculator. It’s a great way to help ensure you’re on track to reach your goals.
These are some of the things you should consider to help you achieve your retirement objectives.
Use the Retirement Income calculator to estimate how much super you’re likely to have when you retire, and how long your super will last once you start drawing it down as a pension.
Increase your super contributions or contribute extra when you have a bit extra. Any boost to your super can help make sure your super will adequately fund your retirement lifestyle.
Combining your super into one account can make your super easier to manage, plus it can help grow your balances because you’ll stop paying multiple account fees and you’ll further benefit from compound investment earnings. Every little bit helps. However, always remember to consider fees and costs you may incur or insurance or other benefits you may lose before switching your super from another fund.
Take some time to understand the different investment options and how they perform. Which ones are you comfortable to invest in and can they help you achieve your savings goals?
If you’re happy to reduce your hours and not fully retire a transition to retirement strategy might be the option for you. It’s a great way to boost your savings before retiring.
You might find the answer to your question in the FAQ below. If you don’t find it there, you can call our Retirement hotline on 1300 017 589. Or complete the quick contact form and one of our team who will contact you within the next two business days.
Request an appointment with a Vision Super Financial Planner who will provide information and advice about your super or pension. Bookings can also be made by calling 1300 300 820.
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Member Hotline 1300 300 820
Employer Hotline 1300 304 947
Retirement Hotline 1300 017 589
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