“How much is enough for retirement?”, is a commonly asked question. The answer to this question depends on many factors, including your chosen retirement age, how long you live and what type of lifestyle you would like to lead in retirement.
According to the ASFA Retirement Standard, a couple leading a modest lifestyle will require $34,855 per year (if they’re homeowners), while a comfortable lifestyle would increase the annual living cost to $59,971. For people retiring at age 65 and who will live to an average life expectancy of about 85, ASFA estimates the lump sum needed to support a comfortable lifestyle for a couple is $640,000, assuming that they will be entitled to receive a partial Age Pension.
At Dixon Financial Group, our advisers can do calculations for you to determine how much you will need at retirement and make recommendations on strategies that could be implemented to help you reach your goals, based on your specific needs, objectives and personal circumstances.