Protecting your super

What kind of retirement are you looking forward to?

Are you planning to spend more time with family or how about a long trip around Australia? The big question is, “How much will it all cost and how much will I need to save?” The Association of Superannuation Funds of Australia (ASFA) regularly research just how much people need to live on in retirement.

A modest or a comfortable life?

ASFA reports on living costs for singles and couples, and recognises two lifestyles – modest and comfortable – and what each one costs.

A modest lifestyle allows a retiree to enjoy the basics and is only a little more than you would receive on the government’s Age Pension. There’s no budget for overseas travel, and both home entertaining and dining out are limited. Private health insurance is not included in this budget.

A comfortable lifestyle allows for fortnightly entertaining at home, eating out a few times a week at a club restaurant, or once a week at a more expensive place. Private health insurance and an overseas, as well as a local holiday each year, are also possible within this budget.

Status Modest Lifestyle Comfortable Lifestyle Age Pension
(Maximum basic rate per fortnight).
Dept. of Human Services, 2016.
Single $23,996 p.a. $43,372 p.a. $873.90 ($22,721 p.a.)
Couple $34,560 p.a. $59,619 p.a. $1317.40 ($34,252 p.a.)

The annual modest and comfortable lifestyle budgets shown are approximately the same as those determined by ASFA Retirement Standard, September 2016.

Calculators

Calculators are an excellent guide to see how your super is tracking. The Super contributions optimiser shows that by just adding a few extra dollars to your super, it can really boost your balance at retirement.

If you would like to discuss your financial situation and goals in more depth, you can also speak to one of our NGS financial planners. Members are entitled to a free initial consultation. If you would like to make an appointment, please call 1300 133 177.

 

True Wealth Retirement Calculator

Use this calculator to estimate your projected super balance, how long it may last in retirement and how your retirement may be impacted by non super investments.

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