Superannuation – it’s your money

So how much is enough for a comfortable retirement?

Certainly more than the current age pension!  Would half your current salary be enough? Or maybe you need more?

Results from the Association of Superannuation Funds of Australia (ASFA) Retirement Standard^* suggest that in 2011 a retired couple needs:

• $31,263 for a modest standard of living – better than age pension, but still fairly basic
• $54,462 for a comfortable standard of living –to allow pursuit of leisure activities and purchase of some lifestyle items such as holiday travel and home improvements.

How much do I need?

The answer will depend on what you consider a “comfortable” lifestyle to mean.  What sort of things do you plan to do in retirement? 
What type of standard of living do you want to have?  Your dreams and goals will impact on just how much income you actually need.

The higher the income you want for your preferred lifestyle, the more you need to save.  And the sooner you start saving and investing, the better.

Australian Bureau of Statistics reports that only 3% of retirees are able to support themselves financially in retirement.  Around three-quarters of all Australians aged 65 and over rely on government pensions and allowances as their principal source of income.  

Saving for retirement

Superannuation is designed to be a tax-effective way for ordinary Australians to save for retirement.  There’s more than a trillion dollars being invested in superannuation funds across Australia and the number is growing.  Yet few of us have taken control over our superannuation investments.

With the right advice, you could make your savings work harder for you to achieve the lifestyle you want in retirement.

We can help you make the most of your contributions including:

• employer superannuation guarantee contributions
• salary sacrifice
• personal contributions
• spouse contributions
• government co-contributions

We can also review your superannuation:

• investment choices
• insurance arrangements
• death benefit nominations
• fees and charges
• structure (where you have multiple funds)

Let us show you how to take control of your superannuation.

After all, it’s your money.  Make the most of it.

[Click here to meet with an Life Protect about your superannuation needs…]

^* ASFA Retirement Standard March 2011 Quarter