Use retirement lifestyle to review what you spend now, as well as the lifestyle changes retirement brings. No boring spreadsheets or lengthy calculations, in a few simple steps you can create a personalised financial target.
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Medical
Pets
Transport
Shopping
Leisure
Holidays
Savings
Misc
Review your housing costs. Your children may have left home by the time you retire so you may choose to down size your home. Perhaps your mortgage will be paid off so you should also take this into account. Your utility bills may increase when you have retired as you may spend more time at home so heating and lighting costs will be more.
Review your housing costs. You may choose to down size your home when you retire or perhaps your mortgage will be paid off so you should also take this into account. Your utility bills may increase when you have retired as you may spend more time at home so heating and lighting costs will be more.
Review your family expenditure. Your children may be grown up or have left home by the time you retire so you will no longer pay childcare costs or school fees etc.
Review your shopping costs. Your grocery shopping may increase when you retire as you may choose to eat more meals at home. However, clothes shopping amounts may be less as you will not need to buy work clothes.
Review your healthcare costs. Healthcare is generally more expensive as you get older so these costs may increase when you retire.
Review your transport costs. You may have a smaller car when you retire or you may use public transport more using a free bus pass.
Review your leisure costs. As you will have more spare time when you retire you may spend more on hobbies, day trips and entertainment.
Review your finances. You will no longer be making superannuation contributions when you retire and you may have paid off any outstanding loans and credit cards.
Review any other costs you have included to see if they are likely to be payable when you have retired.
Review your holiday costs. You may choose to go on more holidays when you retire as you will have more spare time.
Review the costs for your pets. When you retire you may have more time so you may choose to add more pets to your family.
Medical
Pets
Transport
Shopping
Leisure
Holidays
Savings
Misc
Now that you’ve seen how small amounts you spend on everyday items can add up in the future, it’s a good time to consider how you could make your money work harder towards your retirement.
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To combine all your super visit www.rest.com.au/member/manage/ combine-super
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To help you get most out of our tools we recommend you visit the Supermodeller next. The good news is, we’ll transfer your data inputs so you don’t need to re-enter your information.
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This calculator provides an illustration of your total income and expenditure now and in retirement. The totals are calculated based on the data you input and can only be as accurate as the information provided. If the frequency is changed (for example, from annually to monthly) the equivalent value may be rounded.
The modeller is not a recommendation and is not intended to be an exact figure. It is intended to assist you in assessing the effects your contributions and investment choices may have on your retirement outcome. The estimate may change in the future as it does not take into account any changes in the cost of living between the time of the preparation of the estimate and the future time or future changes to laws after the date of preparation of these assumptions. Estimates are in today's dollars (present value).
Any choices you make or data that you enter while using the calculator are erased once you have finished using the calculator. However, you have a responsibility to ensure that you exit the website when you have finished with the calculator, especially if you leave your computer for any length of time.
Do not rely on this calculator to make decisions about your retirement. You should consider your own needs, financial situation and investment objectives and you may wish to get advice from a licensed financial adviser before making any financial decisions.
The calculator assumes that you will retire at age 67.
The retirement budget calculator does not take into account inflation on salary or on the goods and services and are at today’s dollars.
Income assumes that the user works full time and does not have broken work patterns.
Amount needed in retirement is calculated using the user’s current salary and current spending and assumes that income and spending correlate with each other i.e. has an equivalent level of buying power on retirement.
Any choices you make or data that you enter while using the calculator are erased once you have finished using the calculator. However, you have a responsibility to ensure that you exit the website when you have finished with the calculator, especially if you leave your computer for any length of time.
Do not rely on this calculator to make decisions about your retirement. You should consider your own needs, financial situation and investment objectives and you may wish to get advice from a licensed financial adviser before making any financial decisions.
The calculator assumes that you will retire at age 67.
The retirement budget calculator does not take into account inflation on salary or on the goods and services and are at today’s dollars.
Income assumes that the user works full time and does not have broken work patterns.
Amount needed in retirement is calculated using the user’s current salary and current spending and assumes that income and spending correlate with each other i.e. has an equivalent level of buying power on retirement.