According to the Association of Superannuation Funds of Australia (ASFA), a couple needs approximately $640,000 in retirement savings for a comfortable lifestyle. For a single person that number is $545,000. Those figures translate to an annual income of around $64,000 and $45,000 respectively. 

When talking about the ASFA numbers it’s important to note two things. First, they assume you own your home outright. Secondly, they’re based on take home (after tax) income.

The retirement calculator can help you project your super balance at retirement, and what this translates to in annual income.

Building up a healthy superannuation balance is important, but how you access and invest your money in retirement will also determine how long it lasts. You can learn more about preservation age (and when you can access your super) via this blog post.

Transferring your super balance into an Account Based Pension is an easy and popular way to start your retirement. This allows you to draw down an annual income from your savings while the balance continues to earn investment income, tax-free.

We also offer a simplified MyPension option, which automatically looks after your investments and can help to make your money last longer.

Another option is to withdraw all or part of your balance from the super environment. This has both taxation and Age Pension implications, and we strongly recommend consulting a financial planner before making a decision.

Depending on your superannuation balance you may be eligible for a variety of government benefits and subsidies. While the Government Age Pension is approximately $25,000 per annum for individuals, many people live on a combination of the Age Pension and their superannuation savings in retirement. This means even modest super savings can be used to boost your income. 

Our Retirement Calculator can show you how long your retirement savings could last and estimates when you’ll be able to claim a full or part pension. If you’re ready to talk to someone about more detailed strategies our financial planners can help you better understand your options.   

If you’re approaching retirement and starting to think about your options our Retirement calculator is a great place to start. It can provide you with a snapshot of your financial position and what that means for retirement.

Our financial planners can also help. We offer obligation free initial appointments to all members at no additional charge. They can help you better understand your options, and how to plan for the retirement you want.