NEWS – An extra $100,000 is needed for retirement nest egg

NEWS – An extra $100,000 is needed for retirement nest egg

An extra $100,000 is needed for retirement nest egg

The Association of Superannuation Funds of Australia (ASFA), says an extra $100,000 is needed for retirement nest eggs. As Investor Daily reports –

“According to ASFA’s most recent Retirement Standard – for the June quarter – changes to the age pension mean that retirees will fall short on the amount of savings needed to live comfortably in retirement.

“ASFA now estimates that Australians will need a super balance at retirement of $640,000 for a couple and $545,000 for a single, an increase of $130,000 and $115,000 respectively from previous estimates,” an ASFA-issued statement said.

“The June quarter figures indicate a modest rise in the cost of living for retirees, with couples aged around 65 living a comfortable retirement needing to spend $58,784 per year and singles $42,861, a respective 0.6 per cent and 0.7 per cent increase on the previous quarter.

“Budgets for older retirees increased by 0.8 per cent at the comfortable level and by 0.7 per cent at the modest level,” the ASFA statement said.

Commenting on the findings, ASFA chief executive, Pauline Vamos, said that if there are further changes to the age pension eligibility age beyond what is already legislated, retirement savings targets will need to increase further.” Click for More

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Self-Managed Superannuation Service Providers in Australia. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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