How much do you need to fund your ideal retirement? We take a look at how much income you may need, and what to consider after you retire.
Everyone has a different vision for their retirement. Yours might involve overseas and interstate travel and an active social life. Or perhaps you prefer spending time with family, working in the garden or volunteering.
However you choose to spend your time, it’s important to make sure you have enough funds to support your retirement lifestyle. Forward planning now can make all the difference in the future.
How much will your ideal retirement cost?
Increasing life expectancies and inflation can make it tricky to estimate how much income you’ll need for your retirement. That’s why the Association of Superannuation Funds of Australia put together a guide for how much you might need. A comfortable lifestyle in retirement includes items such as leisure activities, private health insurance and holidays – but everyone’s lifestyle is different, so you should take into account your own goals and expenses.
As well as paying for things you enjoy doing, remember to budget for the day-to-day expenses, like utility bills, as well as larger expenses such as upgrading cars and renovations.
Infographic based on this data: