So it’s important to factor these expenses into your overall thinking regarding your superannuation.ĭetermining how much superannuation you are going to need for your retirement will obviously vary depending on your personal circumstances. It’s a reality that our medical expenses are likely to increase as we get older. It can make sense to try scaling back your expenses in the years nearing retirement so that you are prepared for a more modest lifestyle before you are necessarily required to. After working for so many years, it’s important to enjoy your retirement.
It’s also worth thinking about any ideas or plans you have for your retirement - including travel, or new memberships or hobbies. Think carefully about the expenses you have - consider which are fixed, and which are discretionary (these may change by retirement). Obviously, the type of lifestyle that you lead makes a big difference in terms of how much superannuation you will need on retirement. This means that your superannuation may need to last a long while. While it’s obviously impossible to determine your lifespan, you can generally expect to live for many years after retirement. In determining how much money you need, it may be useful to consider the following factors: 1.
ASFA RETIREMENT STANDARD CALCULATOR HOW TO
Consider talking to a professional financial planner about how to grow and protect your wealth. Needs and circumstances change throughout life regularly review your superannuation plan to ensure that your fund’s investment strategy reflects your current circumstances.
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