It’s not hard 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 65YO who are simply looking for a modest lifestyle compared to comfortable.
For those around 85 YO –
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
Also look at www.superguru.com.au for tools calculators and information.
Action Plan and Tool – Learn if your money will last your LIFE Expectancy – do you know the chances of ripe old age?
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