Market Update – March 2024
23rd April 2024
Retirement Planning
Retirement means different things to different people. For some, traveling around in Australia in a caravan is a life-long dream but for others flying at the pointy end of the plane and staying in 5-star hotels around the world is more how they see life after work. Or maybe spending more time with the grandkids or volunteering in your local community rate high on your list of retirement goals.
We all have different ideas of what the second half of our lives looks like and that’s why planning for your retirement is so important.
Why is retirement planning important?
We are living longer and for most of us compulsory superannuation payments or the Age Pension alone won’t be enough to help us achieve the retirement lifestyle we’re dreaming about.
Putting a long-term financial plan in place will provide you with the comfort of knowing that you can do all those things that you dreamed of and that your financial future is under control.
How we can help
Varria can help you work out how much money you have now, how much you might have in the future and where it is coming from.
We will help you:
- Identify your retirement goals
- Review your income and cashflow requirements
- Identify what assets (house, savings, investments) you have and how much they are worth
- Assess how much super you have and when you can access it
- Find ways to grow your retirement income
- Put plans in place to make your money last in retirement
- Determine when you can apply for the age pension and whether you are likely to be eligible
- Review your estate planning
How much money do I need to retire comfortably?
A modest retirement lifestyle is considered better than the Age Pension, but still only able to afford fairly basic activities.
A comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broader range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.
Retirement Living Standards
The table below outlines the lump sum amount required for those retiring at 67. These figures are according to ASFA (The Association of Super Funds of Australia).
Both budgets assume that the retirees own their own home outright and are relatively healthy.
For more information visit – https://www.superannuation.asn.au/resources/retirement-standard
To discuss your retirement planning needs please contact one of our qualified Financial Advisers at Varria on 07 3029 5400.