Pensions and Retirement – New Year Resolutions – 5 Easy Steps to Plan your Retirement

Pensions and Retirement – New Year Resolutions – 5 Easy Steps to Plan your Retirement

Pensions and Retirement – New Year Resolutions – 5 Easy Steps to Plan your Retirement

Studies show that most people spend more time planning the next holiday than ever spent on preparing for retirement – but it is not hard at all!

Consider if you are a –

  • Woman and want to retire at the age of 65, then you need to plan to be living the life of a retired lady for, on average, nearly 22 years – possibly as long as your time in the workforce, or time spent rearing children
  • Man, life expectancy is closer to 20 years at age 65.                  (Sourced from AIHW)

5 Steps to Plan for Retirement

  1. Where you are – what you own, what debts to repay – home loan credit cards, car loans, what you can save (and put extra into super instead of all savings taxed at top marginal rate)
  2. Want to have  – The vision – What type of lifestyle do you want in retirement? An overseas holiday every 5 years, regular local holidays, to dine out, to run mobile phone and internet…
  3. What it will cost –  rule of thumb is that you are likely to require between 60 and 80 per cent of your pre-retirement income to lead the active life that you’re probably expecting in retirement. But you can also calculate your cost of living – simply record and categorise all your spending for 2 months – total food, fuel, dinners out, movies, presents/gifts, insurances (monthly or use the annual amount divide by 12) etc
  4. What you need – Using the ASFA examples of cost of living, assuming you own your own home, cost could be over $44,000 a year (or just over $60,000 per couple) for a comfortable lifestyle
  5. What to do NOW – Calculate where/how that money will be derived – (Centrelink will assess your assets and income). Or plan to have enough invested and saved. – For $45,000 at a conservative 5% return you require $900,000, in assets that return $45,000 eg rental with 5% NET return after expenses.

My 5 Actions to take in the next 5 weeks




Get your FREE 5 Easy Steps to Plan Retirement One-Page planner from the Resources

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

Got questions? If you want experts who have years of helping others, without the hype –

then call for a FREE strategy session today

No obligation ~ call 0407 361 596, Paul


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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