Thanks to our high standard of living and medical advances, Australians are living longer than ever before. A male retiring at age 60 will likely spend around 22 years in retirement and a female 26 years*. While this is good news, being able to enjoy such a lengthy retirement may cost more than you think.
According to the Association of Superannuation Funds of Australia (ASFA), an individual seeking a comfortable lifestyle needs a yearly income of $40,297 (after tax) ^. That requires savings of $533,088 at retirement to provide this level of income for the next 20 years +.
When we draw up a plan, we conduct in-depth analysis to learn about you and understand your current situation and goals so we can present you with the most appropriate options to suit you in retirement.
We can discuss your ideal retirement lifestyle and when you’d like to stop working. We can also help you work out how much income you might need in retirement and gain an understanding of the types of investments and risks you are comfortable with.
Whether you are approaching retirement or still a few years away, it’s important that you understand all of the options available to suit you and your ideal retirement such as:
- transition to retirement strategies
- boosting your super
- allocated pension
- personal insurance requirements
- tax-effective strategies
- annuities and
- estate planning.
*Australian Government Actuary, Australian Life tables 2005-07.
^Westpac ASFA Retirement Standard, Comfortable lifestyle, Single March 2012.
+Colonial First State. May 2012. Assumptions earnings 7.7% with inflation at 3% paid via an indexed pension and net of all fees and taxes.
A Vista Financial Group financial adviser can help build you a financial plan that suits your financial and life goals. Please contact us on 03 9598 8002 or email us to discuss.
Information in this web page is based on regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Affinia Financial Advisers Limited, its related entities, agents and employees for any loss arising from reliance on this document.
All of the material published on this website is for information purposes only and does not constitute advice.
This information is of a general nature only and have been provided without taking into account all of your objectives, financial situation or needs.
Because of this, we recommend you consider, with our without the assistance of a Financial Adviser, whether the information is appropriate in light of your particular needs and circumstances.