To make sure you get the retirement you want, it’s best to plan as early as possible. Here are some of the main things to consider when you’re making your retirement plans.

Starting with the average

The Association of Superannuation Funds of Australia provides rough estimates of the cost of retirement. While your retirement may differ from the average amount based on your unique circumstances and personal goals, it’s still a useful starting point.

What does a modest or comfortable retirement look like?

It is estimated that a single person (around retirement age now), will need around $27,646 p.a. for a modest retirement and $43,255 p.a. for a more comfortable retirement. Couples may need anywhere from $39,848-$61,061 p.a.1

Getting down to the specifics

To get an idea of how much you’ll need to retire, start by considering your annual cost of everyday items, bills and expenses as well. You can check your bank statements over the past three months to get a sense of the totals, but don’t forget those big ticket items like car insurance and rego that only come around once a year.

Then, add your favourite activities and estimating their combined annual cost. Consider things like dining out, going on holiday and even buying Christmas presents for your family.

Combining these figures will give you an idea of how much you’ll need per year to live your ideal retirement.

Important information

This information is provided by National Australia Bank Limited ABN 12 004 937 AFSL No. 230686 (NAB), a member of the National Australia Bank Group of companies. Any advice is general in nature and has been prepared without taking into account your personal objectives, financial situation or needs and because of that you should, before acting on the advice, consider the appropriateness of the advice having regard to those matters. See the NAB Financial Services Guide for details about relationships between NAB and product issuers, and remuneration or benefits that may be received in relation to NAB’s authorised services.

1ASFA March quarter, 2019, ASFA Retirement Standard For more information on what modest and comfortable means and the details behind the ASFA statistics, please find them at the ASFA website.

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