It’s an oft heard refrain: I want to
retire with one million dollars.
But have you ever stopped to consider your
retirement strategy? That phase of your life known as retirement may feel too
distant to occupy mindspace today. Then, when you do actually stop and think
about your superannuation and your idea of the perfect retirement, your
retirement strategy may suddenly seem too complicated to work out. Let's try to
change your mind.
Is one million enough?
Yellow Brick Road Wollongong we know there’s
plenty of talk about what it takes to achieve a comfortable retirement. We’ve heard the figure $1M
has been bandied around for a while - and not so long ago that would have been
a strong number to aim for in retirement.
It has been reported that a nest egg of
one million would equate to around $650 per week - on par with the pension.
Meanwhile, ASFA - the industry body for superannuation - believes $650,000 is
adequate for a couple. For singles, they say $545,000 is sufficient, giving you
an income of $40,000 annually.
The top ten percent of Australians have
superannuation balances of around $1.7million! It all comes down to your
vision for your retirement. That will determine how much money you need to
sustain the lifestyle you want.
"The government wants you to
save for retirement so it offers generous tax benefits through superannuation
to allow you to build a nest egg. Make the most of it." - Mark
To find out more about how to increase your super
savings, contact your local Yellow Brick Road Wollongong adviser today.