ENSURING THAT YOU CAN RETIRE WITH CONFIDENCE
Retirement planning has become a taboo phrase for many, often being replaced by financial independence and other phrases as our goals and preferences change, however what hasn’t changed is the importance of having a plan to achieve your longer-term financial objectives. With the flexibility of the workplace in the current world, there is no longer a need to retire by a certain age and it is simply driven by your personal preferences, health, employment opportunities and financial position.
As is often the case, the earlier you start planning for your retirement and implementing the necessary steps, the easier it will be to get there. To illustrate this point, we’ve outlined below the monthly savings amounts that would be required based on the number of years left to retirement with a retirement goal of $80,000 per year, which some would consider comfortable in Australia.
N.B. the above monthly savings figures assume an annual rate of return of 8% per annum, and a target retirement nest egg of $2 million, a sufficient balance to comfortably generate the annualised income of $80,000 per year.