Retirement Health Check
Check your super is ready to retire in just a few minutes. You’ll receive a personal report as well as ideas to get your super on track
Everyone will retire at some stage so the earlier you can start planning your super for it the better. Here are our tips for setting up your best retired life.
First, you need to consider the retirement you want: is it a modest life spent with family or one sailing into the sunset without a care in the world? Will you have access to other streams of incomes at that time (like property investments)? Remaining debts? Ongoing expenses (like medical or rent)? Younger people also need to consider rising life expectancy as a factor for when they predict they will retire, and for how long for they will be retired for.
The Association of Superannuation Funds of Australia (ASFA) have put together a handy guide as to how much the average retiree spends on the essentials.
A modest vs comfortable lifestyle in retirement
What exactly does a 'modest' and 'comfortable' retirement look like? Take these comparisons, for example.
|Modest lifestyle of a couple||Expenditure items||Comfortable lifestyle of a couple|
|Eat in everyday||Food||Local restaurants dining on weekends|
|Cask of wine||Drinks||15$ bottles of wine|
|Only on special||Clothing||Monthly purchase|
|Local areas||Leisure||Interstate holidays|
|Netflix||Entertainment||Going out to movies|
Source: Association of Superannuation Funds of Australia 'Retirement Standard' 2018
Using Rest's handy calculators, you can connect the dots between how much you have and how much you need.