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Planning retirement

Education HUB article

4 minute read

Start planning for retirement today

You may have an idea of what you want to do once you retire from the workforce. But have you thought about how much income you will need to fund your retirement?

Whatever your retirement goals look like, we are here to help you reach them. With a little planning today, you can be financially prepared for retirement.

Whether retirement is around the corner or in the distant future, here are our tips to help you be retirement ready.

1. Work out when you want to retire

This is an important place to start. You may want to wait until you can access the Aged Pension. On the other hand, you may choose to retire earlier and access your super if eligible as a lump sum or as an income stream.

2. What does retirement look like for you?

Retirement is different for everyone. Some retirees have few outgoings, whereas others have a more expensive post-work lifestyle.

Regardless of what you have planned, it’s helpful to think about what annual income you’ll need to fulfil your retirement ambitions.

The table below provides benchmarks for the yearly household budgets and living standards for those aged around 65.

  Modest lifestyle Comfortable lifestyle
Single $28,254 $44,412
Couple $40,829 $62,828

Table courtesy of AFSA (The Association of Superannuation Funds of Australia Ltd), accurate as of March quarter 2021.

3. Are you on track to reach your goal?

How much super do you have and how much income can it pay you in retirement?

Our retirement gap calculator can help you find the answers. It’s also important to consider if you’ll have other sources of income at retirement. This may include investments such as property.

Additionally, it’s vital to include a review of your debts and whether you will be able to pay them off prior to retirement.

4. Put a plan into action

If there is a gap between what you are likely to have in retirement, compared to how much you will need, create a plan.

In some cases, there are ways to get you closer to retirement. Consider making extra repayments to your super, repaying your debts earlier, or investing some of your savings.

Retirement planning can seem daunting but it doesn’t have to be. And it’s never too early to start thinking about this phase of your life.

If you would like to discuss your retirement plans with a wealth specialist, click here. They can assist you to maximise your retirement income by providing expert help with investments, cash flow and superannuation advice.

For more helpful advice, check out our Education HUB.

A Wealth specialist can help guide you. Make an enquiry today. 

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Sandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (Sandhurst) is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879. Each of these companies receive remuneration on the issue of the product or service they provide. Sandhurst is the responsible entity and issuer of the managed funds available on this website, and is also the trustee and issuer of the Bendigo superannuation products. Investments in these products are not deposits with, guaranteed by, or liabilities of Bendigo and Adelaide Bank and are subject to normal investment risk, including possible delays in repayment and loss of income and capital invested. Before making an investment decision in relation to one of these products you should consider your situation and read the relevant Product Disclosure Statement available on this site.

Sandhurst is the issuer of the commercial lending products and the provider of any traditional trustee services available on this website. The Bendigo Funeral Bond (“the Bond”) is an investment product issued by Australian Friendly Society Limited (“the Society”), ABN 29 087 648 851 AFSL 247028, with benefits provided by the Society’s Funeral Benefit Fund established under Schedule 1, Rule E of its constitution and administered by Sandhurst. The Travel Protection Plan is issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043. The Society is associated with the Bank and its related entities. Neither the Bank nor any of its related entities guarantee the repayment of capital invested or the investment performance of the Bond. Information is correct at the date of this document and is subject to change.

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