Basics about Super – Retirement – What is a “comfortable” retirement?

Basics about Super – Retirement – What is a “comfortable” retirement?

Basics about Super – Retirement – What is a “comfortable” retirement?

How much do you really need for a comfortable retirement?

What is a comfortable amount for a “comfortable retirement”? Recent research shows that the annual value of Age Pensions paid to those entitled to maximum benefits, only amounts to just over half of what a retired single needs to live a comfortable retirement.

The Association of Superannuation Funds of Australia (ASFA), regularly publishes their calculated annual budget (based in CPI) needed by Australians to fund a comfortable standard of living, and found that to have a comfortable retirement lifestyle, retirees aged around 65 years, who live in their own home, require over $43,000 a year and for couples, over $60,000.

For those around 85 year old, who live in their own home, require over $39,000 a year and for couples, over $55,000.

They explain what is a comfortable lifestyle – a “comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as: household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally, international holiday travel.”

They also have a modest lifestyle – and they define as – “A modest retirement lifestyle is considered better than the Age Pension, but still only able to afford fairly basic activities.”

To learn more go to our How much do you need to retire?

What are your thoughts? Start or continue the conversation here!

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About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. 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. 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. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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