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It’s an oft heard refrain: I want to retire with one million dollars.
But have you ever stopped to consider your retirement strategy? That phase of your life known as retirement may feel too distant to occupy mindspace today. Then, when you do actually stop and think about your superannuation and your idea of the perfect retirement, your retirement strategy may suddenly seem too complicated to work out. Let’s try to change your mind.
Is one million enough?
At Yellow Brick Road Wollongong we know there’s plenty of talk about what it takes to achieve a comfortable retirement. We’ve heard the figure $1M has been bandied around for a while – and not so long ago that would have been a strong number to aim for in retirement.
It has been reported that a nest egg of one million would equate to around $650 per week – on par with the pension. Meanwhile, ASFA – the industry body for superannuation – believes $650,000 is adequate for a couple. For singles, they say $545,000 is sufficient, giving you an income of $40,000 annually.
The top ten percent of Australians have superannuation balances of around $1.7million! It all comes down to your vision for your retirement. That will determine how much money you need to sustain the lifestyle you want.
“The government wants you to save for retirement so it offers generous tax benefits through superannuation to allow you to build a nest egg. Make the most of it.” – Mark Bouris
To find out more about how to increase your super savings, contact your local Yellow Brick Road Wollongong adviser today.
We have you covered on all stages of your property journey