To Find out approximately how much money you’ll need when you stop working, why not ask our experts at Raine & Horne Project Marketing at 1300 828 636
How much is enough super?
How much extra money you contribute to your super depends on what you’ll need to live off once you retire.
The table below will give you a rough idea of how much money you need to support a modest or comfortable retirement. It applies for people retiring at age 65 who will live to an average life expectancy of about 85. It assumes you own your home.
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ASFA Retirement Standard Annual living costs Weekly living costs Couple – modest $39,353 $754 Couple – Comfortable $60,264 $1,154 Single – Modest $27,368 $524 Single – Comfortable $42,764 $819 ASFA estimates the lump sum needed to support a comfortable lifestyle for a couple is $640,000 (or $545,000 for a single person) assuming a partial Age Pension. ASFA also estimates that because a modest lifestyle is mostly met by the Age Pension the lump sum required to support it for a single or couple is $70,000.
Source: ASFA Retirement Standard, March Quarter 2018.
Think before you choose an investment strategy
Picking the right investment option is important whether you’re 16 or 65. Your investment strategy will influence how much money you’ll have to retire on and how you live your life in your retirement years.
Picking a suitable investment option
Most people work for 30 to 40 years and live for another 25 to 30 years after retiring. You want your super to grow and keep pace with inflation during this time.
For this reason, a growth or balanced strategy may suit a long-term investor. A higher risk strategy may deliver higher returns, but the risk is that there will be losses in bad years. Over 30 to 40 years, it’s likely that any growth strategy will lose money in at least 4 to 6 of those years. However, there are likely to be more ups than downs.
Why invest in Property you ask?
Yes we are hearing the news. But previous stats and market history has proven that Property Investment is often seen as being less risky than other forms of investment.
Some of the reasons why:
| Less volatility – Property can be less volatile than shares or other investments. |
| Income – You earn rental income if the property is tenanted. |
| Capital growth – If your property increases in value, you will benefit from a capital gain when you sell. |
| Tax deductions – Most property expenses can be offset against rental income, for tax purposes, including interest on any loan used to buy the property. |
| Physical asset – You are investing in something you can see and touch. |
And of course the most important reason: YOUR PROPERTY. YOUR FUTURE.
How Raine & Horne Project Marketing can help you retire comfortably you wonder?
We take you through the journey of how you can build your wealth, save you $$$ so you can retire comfortably.
We pride ourselves on providing expert advice when it comes to investing in property and building wealth. We help you achieve this through our proven 5 step process. Talk to us today about how we can help you invest for your future. Call us on 1300 828 636
“Don’t wait to buy Real Estate. Buy Real estate and wait “ – T Harv Eker
