ASFA RETIREMENT STANDARD CALCULATOR PROFESSIONAL
ASFA RETIREMENT STANDARD CALCULATOR FREE

This estimate is only suitable for high-income earners.ĪSFA estimates the lump sum needed to support a comfortable lifestyle for a couple is $510,000 (or $430,000 for a single person) assuming they are also receiving a partial Age Pension.ĪSFA also estimates that because a modest lifestyle is mostly met by the Age Pension the lump sum required to support it for a couple is $50,000 ($35,000 for a single person).

ASFA RETIREMENT STANDARD CALCULATOR FREE

They’ll also be able to provide you with a clear understanding of any gaps that may exist between your current financial situation and your future goals and create a plan to help you bridge them.īook Your Free Consultation with Our Retirement Advisor The Two-Thirds RuleĪnother way to estimate how much money you will need for the future is to assume you need 67 percent (two-thirds) of your income saved before you leave your job in order to maintain the same standard of living you enjoy now. If you’re unsure of what your particular timeline to retirement is, or how it may affect the amount of money you can save, your financial advisor will be able to work with you to clarify this information. For example, if you are closer to your desired retirement age, you may have to voluntarily contribute higher amounts of your income to your super to ensure you’re able to achieve your post-work income goals. Your timeline to retirement can also affect the other strategies you may choose to utilise when working towards achieving the amount you need for your ideal post-work lifestyle. However, if you are in your 40’s or 50’s and are expecting to leave the workforce around 65, this leaves less time for you to implement the number of financial strategies or wealth creation techniques that can assist you in achieving a comfortable retirement lifestyle. Your timeline to retirement – or the time left between your current age and at what age you’d ideally like to leave the workforce – can have a large impact on whether or not you’ll be able to achieve the post-work lifestyle you’ve always dreamed of or whether you may need to rethink your expectations for what your ideal retirement may look like.įor example, if you are in your mid-to-early-20’s and are expecting to leave the workforce around the age of 60, you have ample time to implement good savings habits that will ensure you’re able to achieve your dream future lifestyle. Just like what type of lifestyle you are expecting in the future can affect how much you need to save, so too can your timeline to retirement. It applies to people leaving the workforce at age 65 who will live to an average life expectancy of about 85. The table also outlines different categories and the type of lifestyle you’ll be able to live. The table below will give you a rough idea of how much money you need to support a modest or comfortable post-work lifestyle. How much extra money you contribute to your super depends on what you’ll need to live off once you leave work.

The Association of Superannuation Funds of Australia (ASFA) retirement standard found a couple looking to have a comfortable post-work lifestyle need $58,128 a year while those seeking a modest retirement need to spend $33,664 per year.īook Your Free Consultation with Our Retirement Advisor How Much Is Enough? In order to know how much you need to retire, we first should look at how much we need to survive without your usual income. Theoretically, how much money you need for life after work depends on how long you are going to live.

ASFA RETIREMENT STANDARD CALCULATOR PROFESSIONAL

You should seek a retirement planning professional to assist you in your retirement plans no matter what your age. It’s important to note that no matter how old you are it’s never too late to improve your financial circumstances. These folks are also strategically thinking about things like Social Security and long-term care planning. Those in their 50s and 60s must find the resources to continue to build savings and accumulate wealth as they prepare for life after work. When you are in your 20s, 30s and 40s, you need to build your savings. How much money do you need to save for retirement? But the most common question we are asked is: Additionally, there are different retirement planning strategies for all ages. How much do you need for a comfortable retirement? While it seems like a very simple question, the response is complicated, because there are so many variables that can shape the answer- sometimes dramatically.

Asfa retirement standard calculator