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.
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How do I plan for retirement?
So, whether retirement is around the corner or in the distant future, here are our top 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 67.
| Modest lifestyle | Comfortable lifestyle | |
|---|---|---|
| Single | $32,665.66 | $51,278.30 |
| Couple | $46,994.28 | $72,148.28 |
Table courtesy of ASFA (The Association of Superannuation Funds of Australia Ltd), accurate as of December quarter 2023.
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?
A retirement planner 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 and grow your super. Consider making additional contributions 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, get in touch with our wealth specialist team. They can assist you to maximise your retirement income by providing expert help with investments, cash flow and superannuation.
For more helpful advice, check out our Education HUB.
A Wealth specialist can help guide you. Make an enquiry today.
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Things you should know
Bendigo Superannuation
Bendigo Superannuation Pty Ltd ABN 23 644 620 128 AFSL 534006 (Bendigo Super) is the trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension (products). Bendigo Super is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879 (Bank). Each of these companies receives remuneration on the issue of the products or services they provide, full details of which are contained in the relevant Product Disclosure Statement (PDS). Bendigo Super, the Bank and its related entities do not guarantee the repayment of capital invested, the payment of income or products’ investment performance. An investment in these products does not represent a deposit with, or liability of Bendigo Super, the Bank or its related entities. The Bank does not stand behind or guarantee the performance of Bendigo Super in its capacity as trustee and issuer of the products. Bendigo Super is not an authorised deposit-taking institution within the meaning of the Banking Act 1959.
Information on the website is subject to change without notice. Any advice in relation to superannuation is provided by Bendigo Super. The information contains general advice only and does not take into account your personal objectives, situation or needs. Before making an investment decision in relation to these products you should consider your situation and read the relevant PDS accessible through this site.
