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The decisions and choices you make now affect your retirement lifestyle.
Contributing to your super will help you achieve your retirement goals.
An added bonus of planning and saving for your retirement now is that you
may reduce your tax.
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Setting goals
It is important to think about how much money you will need when you retire.
You can then set superannuation goals to help you achieve this. The amount
you will need will depend on your retirement lifestyle and how important
financial freedom is to you.
Retirement lifestyle
When planning for your retirement you will need to take into consideration a number of issues to determine how much you will need as a lump sum and how much you will need as a Life Pension or an Allocated Pension to fund the retirement lifestyle you have chosen.
You will need to give thought to whether you will need to fund "one-off" expenses such as a new car or a holiday. If you intend to include such items in your retirement plan then you will need access to a lump sum.
How much will I need to support my chosen lifestyle?
As a general rule of thumb, in order for you to maintain your lifestyle in retirement you will require a net income equal to 2/3 of your salary. However, this will vary according to how much debt you have when you retire and the lifestyle you have chosen to live. You may need more or less depending on your circumstances and expectations.
Working out my retirement income needs
You can estimate the retirement income you will require by completing the Retirement Budget Planner.
The purpose of the Retirement Budget Planner is to assist you in planning for your retirement in order to maintain your chosen lifestyle. The Retirement Budget Planner asks you to consider your future living expenses and current income. This information can then be used to plan for your retirement lump sum and pension goals.
When you have completed the Retirement Budget Planner, a summary is automatically calculated for you. You will find further information in the "Improving My Super" section or you can print out the Retirement Budget Planner page
and contact us to make an appointment with one of our staff. RBF can help you improve and maximise your super to achieve your retirement goals.
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