Super: $640,000 is how much it takes to fund retirement

How much money do you need to fund a comfortable retirement?

You need a lump sum of 640000

You need a lump sum of $640,000* to fund a comfortable retirement. 

It’s not as daunting as it sounds. You can change your future today.

Retirement is a unique experience. It means different things to different people. Likewise, preparing for, transitioning to and enjoying retirement is an individual journey. No matter what stage you're at, you need someone to either walk beside you or be available for you as you build a plan that will give you and your family the lifestyle you want in retirement. 

It’s time to retire strong. Here’s how: stop procrastinating and create a plan of action that you can easily implement. 

Build a robust portfolio: to build a decent lump sum you need a wide choice of investments to suit your needs and access to the world’s best investment managers. MLC can help. 

Consolidate and top up your super: simple changes to your super can make a big difference. MLC can help you find your lost super, consolidate your savings and help you find ways to contribute a little bit extra to help you top up your super account. 

Create and protect your income stream: make sure you don’t outlive your income. MLC has ways for you to protect your capital and safeguard your income over 10 years, 20 years or for life+. 

Manage your risks: inflation, living longer, spending too much, market timing and poor planning can all threaten your retirement wealth. MLC can work with you on a plan to manage these risks. 

Protect your future: it’s important that you insure one of your most valuable assets — your income. Protect your income with help from MLC.

Find out how you can save your retirement here.

Important information

Sources:

* ASFA, ASFA Retirement Standard, September 2015

+ MLC MasterKey Investment Protection is only available to MLC MasterKey Super or Pension Fundamentals





    COMMENTS

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    Virginia
    8th Feb 2017
    12:40pm
    what age do we need this magic number.
    Youth will be wealthier than us if they do what we did and still do coffee at home or at a friends house. eat out less. start small at 21 you do not need a mansion which you resent us having even though I started in a one room unit and saved.
    KB
    29th Mar 2017
    10:44am
    My daughter is 23. er friends organize games nights in their parental homes. They sometimes eat out at cheap cafes. My daughter takes her own lunch and snacks to work 5 times a week. She i is very frugal with her money.. My daughter is saving up for small house not a mansion and paying off her HECS loan.
    KB
    29th Mar 2017
    10:44am
    My daughter is 23. er friends organize games nights in their parental homes. They sometimes eat out at cheap cafes. My daughter takes her own lunch and snacks to work 5 times a week. She i is very frugal with her money.. My daughter is saving up for small house not a mansion and paying off her HECS loan.

    12th Feb 2017
    6:22pm
    $640k?
    Rubbish

    How do you fund a comfortable lifestyle on that ?

    8% withdrawal gives you $51k per annum

    And it will only last you 15 years and that IF you can make close to those kinds of returns year on year
    anonysubscribe
    16th Feb 2017
    5:07pm
    I have nowhere near $1 million. with say $600000, the age pension drops dramatically to $275 per week! [real case]. Without a home as well, the living costs of rental are also there. The studies down by rice warner or the CBA ignore the perverse sliding scale of age pension under the lower of assets and income test, with or without deeming rates on income. With $275 a week = say $12000 a year, and the minimum drawdown from the income stream at 66 of say $$2500 per month = $30000, total income and capital from the income stream is only $ 42000 per annum. retnals for a non homeowner add significantly to costs. The models used by ASFA are unrealistic and the government is happy to play along with flawed assumptions that age pensioners get the full pension regardless. I have to dip into my savings significantly and they may last only 10 years+
    Mindy
    22nd Feb 2017
    12:39pm
    Very lazy article with no context. So this is how MLC would manage your money??

    My view is you need $1m plus own your own home. Also no reliance on government handouts. Dealing with Centrelink will reduce life expectancy by at least 10 years.
    PIXAPD
    3rd Mar 2017
    6:55am
    With the full aged pension and even renting, you can have a real comfortable retirement and even save some.....simples
    KB
    29th Mar 2017
    10:52am
    There are things that this article does not mention. There are unexpected events to consider such as retrenchment illness weather events such as the cyclone which is preventing people from working and the rising cost of living. You can only save as much as you can and just hope for the best. Best wishes to Queenslanders as they ay recover from the emotionally finacially from the cyclone


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