Retirement: do you know how much it costs?

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Do you want to know how much income you’ll need each week to live a comfortable retirement? 

A couple who owns their own home needs $1133 per week to live well in retirement.* This could be achievable if you start planning now^

A secure retirement isn’t all about ending up with a big lump sum at the end of your working life. Another way to think about how much you’ll need in retirement is to consider how much income you’ll need to support the lifestyle you want to maintain and how you’ll generate that income. You should also think about how to protect the income you’ll generate as you approach and while in retirement from risks, such as inflation. 

Make a plan to generate an income for retirement

Make 2016 your year of action: take some concrete steps to understand how much you’ll need to live on, and how you can get ready now for great retirement. 

Convert your super into a tax-effective income: a transition to retirement (TTR) strategy may give you a tax-effective income to replace your reduced salary if you plan to scale back your working hours. Once you’ve retired, an account-based pension may deliver a tax-effective income to meet your living expenses. 

Protect your income: you can protect your capital and safeguard your income over 10 years, 20 years or for life~. This means you’ll have a secure retirement income, the opportunity for income growth, protection if the market falls and an upside if it rises. 

Find out how you can save your retirement here. 

Important information

Sources:

* ASFA Retirement Standard 2015; Department of Human Services, payment rates for Age Pension – maximum rate 21 January 2016

^ Your personal financial situation will need to be considered.

~ MLC MasterKey Investment Protection is only available to MLC MasterKey Super or Pension Fundamentals customers aged over 50 years invested in select portfolios. Please refer to the PDS for more information

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