How much do you REALLY need to retire?
The sum of million dollars is often thrown for the amount you need to retire on. Find out if this is true for you?
Are you getting ready for retirement? The magic question is to answer how much do you need to make your retirement dreams a reality? Answer these questions to see if everything is under control or if you need to do some more work.
Many of us will spend more than a quarter of our life retired and as we are now living longer you might need a lot more money for your retirement than you think.
The average age for males is 86 years and for females, 89 years and life expectancy is expected to rise to 91 for males and 93 for females by 2050.
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Next Steps
There’s no golden number – retirement is different for everyone, and what is enough for someone else might not be enough for you.
- Review the Superannuation Funds of Australia’s Retirement Standard to see if their comfortable retirement standard offers you the standard of living you hope for
- Sit down and write up all the expenses you think you will have during a year in retirement to calculate how much you will need
