Basics about Super – How much do you need to retire?

Basics about Super – How much do you need to retire?

Basics about Super – How much do you need to retire?

It’s easy to find out – don’t put it off. Be informed and be prepared!

How much do you really need?

Recent research shows that the annual value of Age Pensions paid to those entitled to maximum benefits, amounts to less than half of what a retired single needs to live a comfortable life.

The Association of Superannuation Funds of Australia (ASFA), found that to have a comfortable lifestyle, retired singles who live in their own home need to spend over $43,000 a year and couples over $60,000.

Keeping in mind that the maximum annual Age Pension for singles amounts to just over $23,000  (including the Pension and Energy Supplements) and just over $35,000 for couples, there is a huge shortfall between aspiration and reality, for “comfortable” living.

The news isn’t any better for those single age pensioners around 65 YO who are simply looking for a modest lifestyle compared to comfortable.

ASFA lifestyle 65 YO retirement

For those around 85 YO

ASFA lifestyle 85YO retirement

The ASFA Retirement Standard also provides a breakdown by state and territory of how much is needed to support a chosen lifestyle in these areas. 

For up to date details, visit the ASFA – http://www.superannuation.asn.au/ click Resources in the top menu, and click Retirement Standard in the left menu

or this link – http://www.superannuation.asn.au/resources/retirement-standard/

Also look at www.superguru.com.au for tools calculators and information.

Learn moreLearn if your money will last your LIFE Expectancy – do you know the chances of ripe old age? READ HERE

Call for FREE education, or to speak to an advisor about your specific situation. SuperBenefit works with SMSF trustees to CONNECT them with the advisors they need.

A call is FREE. No obligation. 0407 361 596, Paul

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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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