Financial Advice when nearing Retirement

You need to make sure your money lasts the distance – remember that women live longer than men. The earlier you get financial advice and start planning, the more you can relax and enjoy a great lifestyle when you do retire. Ask yourself the following questions:

– When do you plan to retire? – How many years do you need to provide for? – What kind of lifestyle do you want in retirement? – Do I have enough super?

How much do I need for my retirement?

Research has suggested that in order to maintain your current lifestyle, you will need 60-65% of your current income in retirement. For example, if you currently earn $100,000 pa you will need an income of approximately $60,000 to $65,000 a year in retirement. To find out how much money you will need to have accumulated, by the time you retire, in order to generate this level of income download our free White Paper. Also note that the longer you live the more you need. Women on average live longer than men so you either need to plan to have more at retirement or accept a lower standard of living.

More information about retirement planning:

  • The Association of Superannuation funds (ASFA) annual budget for a comfortable retirement for the “average” person in Australia is $41,830 for a single person and $57,195 for a couple (September quarter 2013). Your own circumstances may vary depending upon your medical needs and lifestyle choices.  Download our White Paper for some pre-retirement strategies to help grow your super and reduce your income tax liability.
Download the White Paper

If you would like advice on the best pre-retirement strategies for your particular situation, contact Prudentia Financial Planning today for a free initial consultation.