A regular income for your retirement years
Does money matter more when you retire? It can seem that way when you’re no longer relying on a business or employer for a regular income. So how much will you need and where can you expect your income to come from?
How much do I need to retire?
Everyone’s plans for retirement are different. How much you’ll need depends on what retirement means for you – where you’ll live, whether you’ll travel, spend time with family or work part-time.
Latest figures from the Association of Superannuation Funds of Australia allow an annual income of just over $60,000 for a couple to live comfortably in retirement. It means enough to enjoy recreation activities, have private health insurance, own a reasonable car, buy household goods when you need them, and take regular holidays.
How much will I have?
Many Australians qualify for a part or full Age Pension from the government. How much you’ll get depends on your other sources of income as well as your assets.
Most Australians retire with money saved in a superannuation fund. Whether it’s a little or a lot, it all adds to your retirement income stream.
If you’ve invested in shares, property or other assets, they may be able to provide you with a source of income in retirement.