Superannuation is the one thing you could do for your financial future this year, that could make a big difference to your retirement income. But how much do you really need? That’s a big question.
As we know, everyone’s needs are different, unexpected expenses just crop up and none of us know how long we will actually be in retirement. Of course, we expect the age pension to be around in years to come, but just how generous the country can afford to be with this payment, and who will be eligible, is also unknown as this may change year to year and none of us have a crystal ball.
So what exactly are the big expenses in retirement we need to budget for?
- Healthcare
- Groceries
- Utilities
- Travel
- Entertainment
- Planned or unexpected expenses such as a new car or home renovations
And what are the major impacts that could affect our superannuation?
- How long you live
- The rate of inflation
- How much you earn on investments
- Whether or not you have dependants – yes some retirees have dependants!
It is wise to have a plan when it comes to your retirement income and a professional financial adviser can help you get a plan in place that is easy for you to manage now, and meets the needs of your ideal retirement.
If you want to get your super sorted this year, give us a call.
