Thanks to our high standard of living and medical advances, Australians are living longer than ever before. This means if you’re a 65-year-old male, your average life expectancy is age 84.9. For a 65-year-old female, your average life expectancy is age 87.6.*
According to the Association of Superannuation Funds of Australia (ASFA), single retirees aged 65-85 seeking a comfortable lifestyle would need a yearly income of $44,146 and couples $62,269 (after tax) ^. That requires savings of $545,000 to $644,000 at retirement to provide this level of income for the next 20 years +.
When we draw up a plan, we conduct in-depth analysis to learn about you and understand your current situation and goals so we can present you with the most appropriate options to suit you in retirement.
We can discuss your ideal retirement lifestyle and when you’d like to stop working. We can also help you work out how much income you might need in retirement and gain an understanding of the types of investments and risks you are comfortable with. Whether you are approaching retirement or still a few years away, it’s important that you understand all of the options available to suit you and your ideal retirement such as:
Newberry Financial Services can help you make sure you are as ready as you can be so you are able to look forward to your retirement. To find out how we can help you plan a successful retirement, call 02 6766 9373 or get in touch here.
^ASFA Retirement Standard – December quarter 2019
*Treasury, 2015 Intergenerational Report
+Colonial First State. May 2012. Assumptions earnings 7.7% with inflation at 3% paid via an indexed pension and net of all fees and taxes.