Superannuation

When the time comes to give up work, what do you want to do? Whatever lifestyle you want, you may wish to consider the long-tern benefits and strategies that can help you make the most of your super.

 

Investments generally need time to grow, and usually the more time the better. So the sooner you begin investing for retirement, the easier it could be to attain the funds needed to comfortably support you and your dependants. Even if you’ve delayed your investing, an investment strategy could still help you to achieve a comfortable retirement.

 

A Finlife financial planner can help - not only can they explain the issues to you, they can provide you with an appropriate approach to help you achieve your retirement goals.

Generally, the more super you have the better. The amount you need depends upon the level of income you’ll want to live on, your other sources of income (if any) and, of course, the number of years that you’ll be relying on your own funds. For instance, a 60 year old male retiring today might generally plan for retirement funds to last for at least 20 years, and a female might require longer. The table below is a guide only to how much super you are likely to need by the time you stop work, based on the income you wish to receive each year, and the number of years it will need to last.

 

Years to provide for you

Amount you wish to draw down per year

	$20,000	$40,000	$60,000	$80,000	$100,000
5	$79,854	$159,708	$239,563	$319,417	$399,271
10	$134,202	$268,403	$402,605	$536,807	$571,008
15	$171,190	$342,379	$513,569	$684,758	$855,948
20	$196,363	$392,726	$589,089	$785,452	$981,815
25	$213,496	$426,991	$640,487	$853,982	$1,067,478
30	$225,156	$450,311	$675,467	$900,623	$1,125,778