ENSURING THAT YOU CAN RETIRE WITH CONFIDENCE

Retirement Planning for Australians

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.

$0
30 Years to Retirement
$0
20 Years to Retirement
$0
10 Years to Retirement
$0
5 Years to Retirement

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.

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One of the most important questions when it comes to retirement planning is always:

“How much is enough..?”

Unfortunately, there is no one-size-fits-all approach to retirement planning as the amount that may be sufficient to achieve the retirement goals of one individual, may be insufficient for another. It’s therefore important to determine your own retirement goals and then determine the amount that will be required to live the lifestyle you desire. The statistics published each year based on the type of retirement lifestyle that you’re looking to lead are as follows:

Modest

How much is required to achieve a modest retirement lifestyle?

How much is enough?

$40,560 per annum

Average

How much income is required to lead an average retirement lifestyle?

How much is enough

$51,414 per annum

Comfortable

How much is required to lead a comfortable retirement lifestyle?

How much is enough

$62,269 per annum

It will not be long before we spend more time in retirement than in gainful employment.
Plan for it!

Planning for your retirement or financial independence can be one of the most important elements to any sound financial plan, and as we’ve illustrated, the earlier you get started at working on it, the easier it will be for you to achieve. Reach out to our team at Ally to start exploring your retirement goals and allow us to outline the roadmap and the steps to implement to allow you to get there.

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