How much do you really need to retire?
One of the most common questions I hear from people in their 40s, 50s and even 60s is:
“How much do I actually need to retire?”
And I get why people struggle with it.
You Google it and see something like:
“The average Aussie couple needs $70,000 per year in retirement.” – ASFA
Sounds neat.
But there’s one big problem with that number…
You are not the average Aussie.
What if you want:
A six-week Europe trip every second year
To help your kids with weddings or home deposits
A caravan upgrade, a new kitchen, more golfing, less cooking
Or on the flip side: what if you don’t want any of that?
Why plan your future based on someone else’s life?
What works far better is flipping the question.
Instead of asking:
“How much do I need?”
Start by asking:
“What does my ideal lifestyle look like and how much does that cost?”
Then we reverse-engineer it.
A recent Morningstar report showed that retirement income expectations are higher than ever, meaning people want more freedom, more travel, more experiences.
Which I love.
But wanting it is one thing.
Planning for it is what makes it real.
A quote that always sticks with me:
“A goal without a plan is just a wish.”
And here’s the key: whether you’re in your 20s, 30s, 40s or 50s, the best thing you can do for your retirement is to start planning as early as possible.
Ask any retiree what they wish they’d done sooner and you’ll hear the same answer every time: “I wish I started planning earlier.”
Yes, superannuation and employer contributions will help but there are other strategies you can use to build a bigger pot and hit your retirement goals faster, especially if you want to retire before age 60.
If you’re unsure what your number is don’t guess, don’t assume and definitely don’t settle for “average.”
Contact us with Retirement Plan and we’ll help you map it out clearly:
Based on your lifestyle
Adjusted for inflation and timeframes
Including bigger goals like holidays, home upgrades or helping family
Or if you need your existing retirement plan reviewed contact us with Update Retirement Plan.
No guesswork.
No averages.
Just clarity.
Because retirement shouldn’t be based on a statistic.
It should be designed around you.
7Wealth Pty Ltd ABN 44609210246 is a Corporate Authorised Representatives and is authorised throughCobalt AdvisersPty Ltd ABN 64 628 654 099 who is an Australian Financial Services Licensee 512550. 7Wealth Pty Ltd is a Credit Representative ofAustralian Finance GroupLtd ABN 11 066 385 822 (AFG) Australian Credit Licence 389087.
This blog contains information that is general in nature. It does not constitute financial or taxation advice. The information does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Cobalt Advisers Pty Ltd nor their directors, employees or authorised representatives, do not give any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document.
