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ASFA released the December Quarter Retirement Standard last week, and it was no surprise to learn that older couples wanting to live a comfortable retirement will need to spend $58,364 per year, up 0.1 per cent on the previous quarter.
With the Intergenerational Report illustrating an increase in the number of retirees and predicting people will live longer in retirement than ever before, the Association of Superannuation Funds of Australia (ASFA) says it is important people use tools like the ASFA Retirement Standard to help plan how they will fund their retirement years. Older couples wanting to live a comfortable retirement will need to spend $58,364 per year which will requires a joint superannuation balance of around $510,000. Older singles seeking a comfortable retirement will now need to spend $42,604 a year, basically unchanged from the previous quarter, and this requires a super balance of around $430,000.
If you are looking to commence your retirement planning strategy, call Maddern Financial Advisers on (03) 9999 7200 to arrange an obligation free first appointment.
Source: ASFA Retirement Standard December Quarter https://www.superannuation.asn.au/media-release-6-march-2015