How much do you need to retire?
Retirement might seem like something to worry about in the future, but the sooner you start paying attention to your retirement savings, the better prepared you will be when the time comes to stop working. Being financially secure in retirement means you will be able to live out retirement the way you want. Whether it’s travel, finally learning to speak French or spending more time with family and friends, you can create your perfect big tomorrow.
You can, however, follow these 3 steps to help you plan for your future.
1. Think about what your big tomorrow looks like
The key is to think about your needs, goals and dreams. You can start the process by answering the following questions:
- How do you see yourself spending your time in retirement?
- Do you plan to work in any capacity?
- Do you like to travel? Is travel something you’d like to do in retirement?
- Where will you live, and what costs will be attached to that? Don’t forget about any renovations or other related costs.
- Do you have any dependants or anyone that you may need to support financially?
- Do you have finances available for any potential medical costs?
During this process, be mindful of seeking advice from friends and family. It may be tempting to ask those around you how much they think you will need to retire, however taking on other’s advice can be misleading.
2. Use the NGS calculator
The new NGS calculator is an easy-to-use tool that can help you understand how much income you may have in retirement and how long your super could last. You can also model the impact on your super balance on various factors, including making additional contributions, working fewer hours, and adjusting your investment mix.
3. Speak to a financial planner
It’s a good idea to speak to a financial planner to help you plan for retirement and understand what steps you may need to take to get there.
A financial planner can:
- Discuss your goals for the short and long-term and help you reach those goals.
- Help you understand the likelihood of being able to meet your goals and how long your financial assets may last through retirement.
- Provide strategies and recommendations to assist you in maximising any entitlements.
Book an appointment with a Financial Planner.
Call us on 1300 133 177 if you would like to speak with us further, or you can discuss matters with one of our NGS Super Specialists or an NGS Financial Planner.
