According to ASFA retirement standards, singles need $47,383 annually and couples need $66,725 annually to live a comfortable retirement – think annual holiday in Australia, meals out, good clothes and a reasonable car^{^}.

But with the rising cost of living and further interest rate hikes on the horizon, combined with a longer life expectancy for Australians, making your money last has never been more important.  

How do you know how much you can spend to ensure you don’t run out of money?

A great place to start is using the “Retirement Income Projector” calculator through SuperOnline.
You can:

• estimate your retirement budget
• see how much Age Pension you may qualify for
• choose to enter your partner's salary and super
• include other investments, assets and income that you may have
• factor in planned career breaks, such as time off to have children
• compare the outcomes of different scenarios
• see how a variety of market changes may impact your retirement savings.

Educate and empower yourself

Retirement will look different for everyone, and it’s never too early or too late to start thinking about the lifestyle you want.

Meeting with an adviser from TelstraSuper Financial Planning can help you manage your money and make you feel more confident and in control when you retire. They can help:

• create strategies to achieve your financial goals
• determine if you qualify for social security benefits i.e Centrelink
• build long-term tax effective savings not just within super
• avoid expensive mistakes
• protect your family if something happens to you so they have ongoing financial security.

Need help planning for your retirement?

Enjoy your retirement free from financial stress. To discuss how much you can spend in retirement, speak with an adviser from TelstraSuper Financial Planning. To book an appointment call 1300 033 166 or you can request a call back online.

^ASFA Retirement Standard – Moneysmart.gov.au

Any general advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice on this website, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement which is available on the Website or by calling 1300 033 166 between 8.30 am and 5.30 pm (AEST) Monday to Friday. You may wish to consult an Adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.