How much income will your super provide and is it enough to meet your lifestyle expectations?
One of the key factors in making the decision to retire is how much income your super will provide and whether it’s enough to meet your lifestyle expectations.
According to the ASFA Retirement Standard* (June 2015 quarter), a couple would need an income of $2837 per month ($34,051 per annum) just to live a modest lifestyle and $4898 per month ($58,784 per annum) for a comfortable lifestyle. Seems like quite a lot, doesn’t it?
So, how would your income in retirement compare?
Of course, this depends on how much you have in super and how this money is converted into an income stream rather than withdrawn as a lump sum. You will also need to take into consideration whether or not you are eligible for an Australian Government Age Pension. So, with this in mind, how much income can you expect to receive from an income stream?
AustralianSuper’s Retirement Income calculator takes into consideration your homeowner status and your super balance to give an indication of how much income you can expect to receive on a fortnightly, monthly or annual basis. With this information to hand, you can then gauge how your lifestyle would compare to the ASFA Retirement Standard.
Even if you’re not an AustralianSuper member, you can still use the calculator.
Paul Johnston, a financial planner who advises AustralianSuper members**, said,
“Getting good financial advice is a key factor in setting yourself up for a more comfortable retirement. Professional advisers can help you understand where you are now financially, where you want to be in retirement, and what you need to do to get there.”
Visit AustralianSuper for more information.
** The financial advice you receive will be provided under the Australian Financial Services licence held by a third party and not by AustralianSuper Pty Ltd (AustralianSuper) and therefore is not the responsibility of AustralianSuper.
This article has been sponsored by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788,
The views expressed are those of YourLifeChoices and not AustralianSuper. For more information, please visit www.australiansuper.com
Statements made in this article have been reproduced with the interviewee’s continuing consent.