loader image

Home > Blog > Will I have enough to retire?

Will I have enough to retire?

Date: 1 February 2016

It is the ultimate question in the lead-up to retirement – how much super is enough?

It would be wonderful if there was a way to accurately predict how long you’re going to live, precisely what’s going to happen in terms of inflation, real estate and other economic influences during your retirement and exactly what you’re going to do (and how much money you will need to do it) every day for the rest of your life. Without such perfect knowledge of the future, here’s some useful guidance.

Assuming your home is owned outright and you are relatively healthy, a couple who wish to live a ‘comfortable’, as opposed to ‘modest’, existence in NSW will require just over $58,000 a year in today’s value. Those choosing a modest lifestyle will only need $33,568a year.

A single male in NSW will need $40,148 annually for a comfortable lifestyle and $23,096 for a modest lifestyle. A single female will require just slightly more, at $42,306 and $23,236 respectively.

If that sounds daunting, you’re not alone, as many people approaching retirement don’t have enough in savings for a comfortable lifestyle. Fortunately, there are strategies that can help you make the most of what you have and make wise financial decisions as you transition into retirement.

Remember that every individual case is different and the best advice is to simply discuss your wishes with your Roberts & Morrow Financial Services Adviser. This way a customised plan can be created for you and constantly checked and updated as time goes on and situations, both personally and in the broader economy, continue to change.

Source: Association of Superannuation Funds Australia (ASFA) Retirement Standard Calculator (www.superannuation.asn.au).

Start today

To discuss with one of our estate planning experts. Start by emailing us at enquiries@rm.net.au

Contact Us +

Know More

Are Your Contractors Employees?

Are Your Contractors Employees?

Two landmark cases before the High Court highlighted the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that they will not be responsible for PAYG withholding,...

read more
Succession planning – NSW farming families

Succession planning – NSW farming families

The stamp duty exemption for farms in NSW has recently been broadened and will greatly increase the succession planning options available to families in the rural sector.   The past exemption for transferring farming properties between generations requires the...

read more
Are Your Contractors Employees?

Roberts & Morrow turns 70!

On 1 September 1951, Don Roberts and Keith Crichton took over as principals of a small local Armidale Firm called HG Uther & Co, renaming it Crichton Roberts & Co. Jack Morrow was then admitted as a partner in 1954. When Keith Crichton retired in 1957 the...

read more