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A few people I talk to say to me "I'm not planning to live that
long" when considering the average life expectancy.
Most people tend to underestimate just how long they'll live. The
average life expectancy has increased substantially in recent years and if
you're 65 today, it's likely you'll be alive well in your 90s.
The problem is, it's just an average.
To have confidence your money will last the distance you will need a
substantial amount of savings.
Retirement can be more expensive than you think.
The Age Pension can provide you with some income, but it probably won't
be enough to support your desired lifestyle. You will need to consider
investment solutions that can provide you with an income for the rest of your
Living a long time means there's a good chance that your cost of living
(and the purchasing power of your savings) will be affected by inflation over
the long term.
How much will you need?
You can pop over to The
ASFA Retirement Standard and find
out how much income you’ll need in retirement. For a couple living in NSW and
wanting a comfortable lifestyle, you’ll require approximately $57,125 every
year. This assumes that you own your own home outright and you’re relatively
If you are nearing retirement, to ensure you have a comfortable
lifestyle throughout your retirement, we can assist you to consider:
your budget in retirement, including how to
identify essential costs and desirable costs
how to structure your investments so that you’ll
have secure income to pay for the essentials and other income for a comfortable
whether you can improve your social security
entitlements by using different investments
If you are still a fair way from retirement, we can help you maximise
superannuation opportunities without sacrificing your current lifestyle. Call
us today on 02 9417 6011.
In : Financial Planning
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Responsibility for the content and opinions expressed herein rests solely with the author and opinions expressed do not necessarily represent the views and opinions of Professional Wealth Services Pty Ltd. The information on this website is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. You should obtain and consider a Product Disclosure Statement (PDS) before making any decision to acquire a product. This information is for Australian residents only. Whilst care has been exercised, the taxation information contained is provided as a guide only and may not be relied upon. If in doubt, you should seek independent tax advice from a qualified tax adviser.
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