Will you be able to live the lifestyle you dream of in retirement?
Did you know that currently, the average annual budget needed for Australians aged around 65 to live a ‘Modest Lifestyle’ in retirement is $23,996 for singles and $34,650 for couples? For a ‘Comfortable Lifestyle’ it is $43,372 for singles and $59,619 for couples.
The figures shift slightly for those aged around 85 with a ‘Modest Lifestyle’ for singles is $23,572 and for couples it’s $34,952. Those wanting a ‘Comfortable lifestyle’, the budget sits at $39,816 for singles and $54,942 for couples.
These figures from the ASFA Retirement Standard as at September 2016 show that those on a Modest Lifestyle budget will only able to afford fairly basic activities. Whereas those who can budget towards a Comfortable Lifestyle, can expect to be involved in a broad range of leisure and recreational activities and to have a good standard of living.
It really makes you think doesn’t it? Where do you see your retirement plans? Will your current superannuation savings allow for a comfortable retirement? Will you get to enjoy your years of hard work and not feel under pressure to meet basic needs? Will you be able to travel and help your family if needed?
At Bright Wealth, we want out clients to retire comfortably, to enjoy the results of their hard work and to not feel under pressure to meet basic living expenses.
That’s why we spend the time getting to know our clients, discover their goals, work out their desired plans and work closely with you to effectively plan for retirement and ensure there will be adequate cash flow available.
We can provide structure and advice around budgeting; funds investment and asset structure as well as take advantage of any government benefits owed to you and to be across any market and legislative changes that may affect you.
If you want to make sure you are putting the right plans in place for a comfortable and happy retirement, please contact the Bright Wealth team today on 8324 2341.