Introduction
The last article in the series of super through the generations explains what to do to improve super balances in potentially the last decade before having to rely on it. It covers salary sacrificing, TTR, investment focus and insurance, and a recommendation to seek professional advice soon.
Description
If 50 really is the new 40, then life has just begun. The kids are gaining independence or may have left home, and the mortgage could be a thing of the past. Bliss. But galloping towards you is… retirement!
How are you tracking?
According to the Association of Superannuation Funds of Australia (ASFA), a ‘comfortable’ retirement today costs close to $.......... per year for a couple. If you and your partner are planning to retire at 55, to afford this retirement lifestyle and secure your future, at least into your mid-eighties, you should be looking at having around $... million in super. Over time, inflation will push these figures higher. Leave retirement to age 65 and a couple will need around $.......... a year from a nest egg of about $... million .
Find those numbers a bit daunting? Here are some ways to boost your retirement savings.
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