Plan it

 

Take a moment to dream

Do you look forward to the day when you hang up your work boots, and start living life your way?

Do you dream of travelling the world? Or having the time to explore Australia? Perhaps there’s a sea change, or tree-change, on your horizon?

Or are you just generally looking forward to having the time to enjoy life’s simple pleasures? From spending more time with the grandkids, to buying that bike you’ve always wanted, or pottering around in the garden.

We believe that knowing what you want for your life after work is the first step towards making it your reality.

The next step is all about making it possible.

 

 

Retirement Planning

Imagine your future – in this video learn about planning for your retirement and working out how much money you’ll need for it.

 

Turning the dream into reality

Once you know how you want to live your life after work, it’s time to work out how to make it happen. To do that, you’ll need money. And the key to making sure you have enough money, is planning.

How much income are you going to need to live the way you want?

Unfortunately, there is no ‘one size fits all’ answer. What you want for your future is going to be different to the next person. What is helpful to know though, is that generally speaking, the experts say you’re going to need around 65% of the income you have now, to live a reasonable lifestyle.

How much will your retirement lifestyle cost? If you want to travel regularly, make improvements to your home, buy a car, or a boat, you’ll also need to allow for those expenses on top of your daily living expenses.

We’ve developed a budgeting worksheet to help you plan your income and expenses pre and post retirement.

Will you have enough?

Once you have a rough idea of how much money you’re going to need, the next step is to see whether or not you’re likely to have enough. Our Retirement Income Calculator is a great place to start.

Use it to see:

  • how much super you’re likely to have, and the sort of income this could provide
  • what you can do to increase your savings – from investing in a different investment option, to putting extra money into your super and changing your retirement age.
 

We can help you plan

When it comes to planning your life after work, a financial planner is the best person to help you.

They can help you work out how much you’re going to need and put the plans in place to make sure you have enough. Call us on 1800 757 607, or make an appointment now.

Free retirement planning seminars.

We also hold retirement planning seminars, which are a great way for you to understand what’s involved in planning your retirement. Book in for the next seminar near you.

 

What does it cost to live comfortably?

Research conducted by the Association of Superannuation Funds Australia provides a guide on the money needed to live comfortably and modestly in retirement.These figures are in today’s dollars, assume 2.75% is the AWE and earnings are 6% p.a. These figures assume that you own your own home outright, that you will invest your savings in an Allocated Pension and that you will be eligible for the base rate Age Pension from Centrelink and aged around 65.

When it comes to living comfortably, we all have a different idea of what it means. These figures are based upon you being able to afford to eat out regularly, buy good quality food and groceries, drive a reasonable and reliable car, afford to pay for a range of different leisure activities and renovate your kitchen and bathroom at some stage.

 

As a couple

  • To live comfortably

    You'll need per year

    $62,828
  • To live modestly

    You'll need per year

    $40,829

If you're single

  • To live comfortably

    You'll need per year

    $44,412
  • To live modestly

    You'll need per year

    $28,254
 

See what is defined as a comfortable or modest lifestyle

Comfortable lifestyle

Modest lifestyle

One annual holiday in Australia

One or two short breaks in Australia, near where you live each year

Regularly eat out at restaurants and be able to buy a good range of quality of food

Infrequently eat out at restaurants that have cheap food. Buy cheaper and less food than a ‘comfortable’ lifestyle standard

Owning a reasonable car

Owning an older, less reliable car

Afford bottled wine

Afford cask wine

Buy good clothes

Reasonable clothes

Afford regular haircuts at a good hairdresser

Afford regular haircuts only at a basic salon or pensioner special day

Take part in a range of regular leisure activities

Take part in one paid leisure activity infrequently. Some trips to the cinema

Replace kitchen and bathroom over 20 years

No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom

 
 

Learn more

 
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