Planning for your retirement is complex and everyone’s situation is different. Our goal is to set you up for success in the long term. We get to know you, devise a plan to help you get to where you want to go and guide you to make sure you stay on track no matter the obstacles.

You probably know how much super you have now, but do you know how much you’ll have when you retire?

How much super you’ll need when you retire

The amount of super you’ll need when you retire depends on:

  • Your costs in retirement, and
  • The lifestyle you want

Most people can now expect to live well into their eighties. This means that if you stop working at 65, you’ll need retirement income for 20 years or more.

Your big costs in retirement

Think about any big costs that might be part of your retirement plans. For example:

  • Paying off your mortgage
  • Rent
  • Renovating your home
  • Travel
  • Medical costs

The lifestyle you want

Think about how you plan to spend your money in retirement. If you own your own home, a rule of thumb is that you’ll need two-thirds (67%) of your pre-retirement income to maintain the same standard of living in retirement.

Build up your super

Many things contribute to your income in retirement, including investments outside of super and assets such as your home, especially if you downsize.

If you decide it is important to build your super, there are some actions that can make a big difference over time. Think about:

  • Consolidating your super into one account so you pay fewer fees
  • Making extra contributions to grow your super
  • Changing your super investment options

If you don’t have as much as you’d like, it’s never too late to build up your super to boost your retirement savings.

Grow your super with extra contributions

You can grow your super by making extra payments yourself. Even small amounts add up over time, and voluntary contributions can reduce the amount of tax you pay.

If you’re on a low income, you may be eligible for extra contributions from the government.

If you need personalised financial advice to make the most out of your super, get in touch with one of our wealth advisers today using the link below.