The Australian Bureau of Statistics (ABS) reports that in the 2018-19 financial year 55% of people over 55 had retired, which is a 2% increase since the 2016-17 financial year.
With the life expectancy in Australia rising, it means that more funds will be required to retire comfortably.
The Association of Superannuation Funds of Australia (ASFA) states that to retire comfortably, the average Australian single with need approximately $545,000 saved and the average Australian couple will need $640,000.
Recent statistics from the Australian Bureau of Statistics shows that pension was the main income source for most Australian retirees. How much pension you may be eligible for will depend on a variety of factors, and income and asset tests. The maximum pension payable in Australia is just over $930 a fortnight for singles and approximately $1,400 a fortnight for couples. Take a minute and ask yourself this – would this amount be enough for my day-to-day living expenses?
A retirement plan doesn’t have to be complicated; it can be as simple as a few easy steps. By breaking the plan down into steps, this will allow the process to seem less daunting and easier to follow.
Let us work together to come up with a strategy to ensure all your needs are met and help you enjoy retirement to its fullest.
Ready Advice Pty Ltd ABN 64 648 215 972. Corporate Authorised Representative (AR No. 1293594) of Lifestyle Asset Management Pty Ltd (AFSL 288421),Level 35 Tower One, 100 Barangaroo Avenue, Barangaroo, NSW 2000
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.