How much money will you need for retirement?

If you are getting close to retirement, this article published in The Australian is well worth a read.

https://lnkd.in/gHAp3vWF

If you don’t have a subscription, the key points in the article are:

· According to the latest Retirement Standard from the Association of Superannuation Funds of Australia (ASFA), a comfortable retirement now requires $63,352 a year for couples and $44,818 for singles.

· Big price increases for some common retiree costs include:

o fruit up 4.7 per cent
o vegetables up 5.5 percent
o private health insurance premiums up 2.7 per cent.

· Retirees tend not to benefit from areas where there is low inflation or price decreases, such as childcare, education, whitegoods and clothing.

· The ASFA found that in the past 12 months petrol prices had jumped 27.3 per cent while medical and hospital services rose 6.7 per cent.

Noting the ASFA estimates, most people, when asked, are more likely to expect in the vicinity of $75,000 to $100,000 per couple, excluding holiday costs.

This uncertainty is all the more reason to seek good financial advice so that your expectations actually meet your financial needs.

If you need help with retirement planning or any other financial matters, 24kWealth offers a complimentary, obligation-free initial consultation.

Our accredited and qualified advisers provide unbiased, professional and easy to understand advice to help you get the most from your hard work and savings.