Retirement Affordability Index September 2018

In YourLifeChoices 2018 Retirement Matters Survey, you told us the amount of savings that you believe is required to fund a comfortable retirement. As retirees, you know best.

Of the almost 6000 respondents, 57 per cent said a couple needed $600,000-plus and 69 per cent said a single person needed at least $300,000. So how does this match reality? Sadly, almost 50 per cent of people approaching retirement have only about $100,000 in super.

This means that the Super Guarantee, introduced in 1992 as a means of reducing reliance on the Age Pension, has a long way to go. For most current older Australians, their super will not deliver the lifestyle they want. Which makes it vitally important that they make the most of what they do have.

The September issue of the YourLifeChoices’ Retirement Affordability Index, sponsored by Challenger, answers ‘The Super Challenge’ with practical help, by:

• explaining the nuts and bolts of super: the different types of funds, how much you can contribute and when, implications for the Age Pension and future income
• challenging three financial advisers to take a case study each and make super balances of $70,000, $200,000 and $420,000 go further. There is a case study for each of our tribes; Affluents, Constrained and Cash-Strapped
• asking senior economist Matt Grudnoff to explain why low-income households are facing decisions such as ‘eat or heat’
• updating all weekly, monthly and annual costs in key categories of expenditure for the six retirement tribes in the June quarter, with a budget planner for you to keep track of your own household costs
• and, finally, keeping you up-to-date on the latest government changes that may have a big effect on your retirement income.

So grab a cup of tea or coffee and enjoy the September Retirement Affordability Index™, designed to keep you completely informed about your rights, entitlements and income options. It’s ready for you now in ebook format or to download in PDF format.

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