A couple looking to retire comfortably now needs $55,213 a year according to the ASFA (the peak body for Australia’s superannuation industry).
Those seeking to live modestly will need $31,760 per year.
A modest lifestyle is defined as only being able to afford basic activities, while a comfortable lifestyle involves being able to afford a broad range of activities and purchases.
Single people will need $22,024 for a modest lifestyle or $40,391 for a comfortable lifestyle.
Do you know which lifestyle you will be able to afford in retirement?
If you don’t know the answer (and you wouldn’t be alone) then it may be time to take a few minutes to get an idea.
Bridges has a great retirement calculator that will help you figure out what you need to put away now to be able to meet the goals you have set for yourself in retirement.
And now you know how much you will need in retirement you can enter that information into the calculator (along with a couple of other bits of info) to see if you will be able to live a comfortable or just a modest lifestyle.
And if you are a little surprised by the result (like I was) then you have time to correct it.
Have you thought about your retirement lately? Maybe it’s time to spend a few minutes on it. Your future self will thank you.
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