What Is Your Retirement Style?
One of the most obvious questions asked when planning for your retirement is what level of comfort you want to enjoy in your golden years. To know what constitutes “comfortable”, the Association of Super Funds in Australia (ASFA) publishes a quarterly survey as a guide to what the average person spends per year.
The survey assumes home ownership and shows figures for a ‘modest’ and ‘comfortable’ lifestyle for singles and couples. A modest lifestyle means better than just surviving on the age pension but still only being able to afford fairly basic activities. Comfortable means being able to afford a broad range of leisure and recreational activities, private health insurance, a reasonable car, good clothes, a range of electronic equipment, with domestic and occasionally international travel.
With the current maximum annual age pension for singles being just $23,254 and $35,058 for couples, this is a powerful incentive to increase your own savings.
It’s never too early to start planning for your retirement. Speak to us about the options available to ensure you don’t miss out.
Note: the pension figures quoted include the Maximum Pension Supplement & Energy Supplement.
SOURCES FOR YOUR INFORMATION
www.humanservices.gov.au Payment Rates for Age Pension