Do you have enough to retire?

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Hand putting Coins in glass jar with retro alarm clock for time to money saving for retirement concept

Do you have enough to retire?

It’s the big question everyone asks. We all want to know one day we can retire comfortably but the big question is whats that amount that we need? Another way to estimate how much money you will need in retirement is to assume you need 67% (two-thirds) of your income before you retire in order to maintain the same standard of living in retirement. This estimate is only suitable for above average income earners.

Its estimated the lump sum needed to support a comfortable lifestyle for a couple is $640,000 (or $545,000 for a single person) assuming a partial Age Pension. Its noted that because a modest lifestyle is mostly met by the Age Pension the lump sum required to support it for a single or couple is estimated at $70,000.

How do we reach our retirement goals?

Speak to Grobowski Financial Planning and we will make sure you are in the right direction of hitting your retirement goals. We will work out if your super is on target and sit down and crunch the numbers and discuss your retirement plan.

 

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