Retirement is on the horizon; you’ve worked hard to get to this point, and now you’re dreaming about all the wonderful things you are going to see and do in your life after work.

Taking a moment to put in place the right plans will give you the comfort of knowing that your future is under control.

Transitioning to retirement

Gone are the days when you’re forced to retire on the day you turn 65. Using the Transition to Retirement strategy can help you ease your way into retirement. This could mean working a bit less and playing more golf or spending more time with the grandkids.

How much money do I need to retire comfortably?

This is the big questions, and the answer depends entirely on how you want to live in retirement.

According to the Association of Superannuation Funds of Australia’s Retirement Standard 2015, to have a ‘comfortable’ retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.

The Standard is updated four times a year to take into consideration the rising price of items like food and utility bills, as well as changing lifestyle expectations and spending habits. The Standard includes the cost of things such as health, communication, clothing, travel and householdgoods.

¹ To see the latest Standard click here: How much super will I need?

How can we help?

Woodward Nhill can help you:

Identify your retirement goals
Review your income and cashflow requirements
Identify what assets (house, savings, investments) you have and how much they are worth
Assess how much super you have and when you can access it
Find ways to grow your retirement income
Put plans in place to make your money last in retirement
Determine when you can apply for the age pension and whether you are likely to be eligible
Review your estate planning

Please contact Woodward Nhill on 1300 534 847 if you would like to discuss preparing for retirement.

1.  Association of Superannuation Funds Australia http://www.superguru.com.au/retiring/how-much-super-will-I-need/