You have probably heard people say that you need a million dollars (or some other nice round figure) in Superannuation before you can afford to retire. Often, they are the same people trying to sell you investment products or advice.
Don’t pay attention to them, because there is no magic number.
The amount of Superannuation YOU need to retire will depend on your personal circumstances, financial resources both inside and outside super, and your lifestyle. So before you set an arbitrary super target, block out the fearmongers and think about the big picture.
To work out how much Superannuation YOU need, here’s a checklist of factors you should consider:
- What age do you intend to retire?
- Are you in a couple or single?
- Do you to plan to keep working part-time after retirement?
- How much do you spend?
- Do you own your home?
- What other assets or income you have?
- Whether you are eligible for the Age Pension?
- How much can your super grows in retirement?
- Whether you want to help the kids?
So, if it all looks a bit daunting but you want to work out how much YOU need to retire or want to see what your retirement will look like based on what you have now, please contact John Kalachian on 9267 0108.
