How much will I need to retire?

Ahhhh … retirement.  Have you always longed to abandon your work life in favour of finally kicking back and doing the things you enjoy?

Do you find yourself daydreaming of hammock-strung palm trees on white-sanded beaches, or extended first-class trips around Europe?

What about simply basking in the comfort of knowing your limited finances will put a roof over your head and food on your table for the rest of your golden years?

Do you know how much you’ll actually need?

According to the experts, being ‘comfortable’ means retiring with $545,000 in super for singles and $640,000 for couples.  At around $20,000 to spend per annum, this certainly doesn’t sound like enough.

To retire on an income similar to your current salary – you need to multiply your earnings by 20.  For example, if your salary is $60,000, you’ll need $1,200,000 in retirement savings to maintain your lifestyle.

In Australia, you can access your superannuation between the ages of 50-60 (depending on when you were born).  Let’s say you stick around till the ripe old age of 85 – that’s an average of 30 years of living off your retirement funds.  A little unnerving, right?

So, what’s the best plan of attack?

It’s to create a clever strategy that will potentially see your super fund skyrocket within the next 5 – 10 years.

By playing your cards right now, you can ensure your nest egg will grant you the lifestyle you’ve been anticipating.

Get clear about how much you’d like to have on hand, and take control of the outcome.  Super funds are great, and certainly convenient, but are they really making your money work to its full potential?

Why gamble with your future?