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How much is enough to retire?How much is enough to retire?

AFTA@Work Article - Qantas Credit Union

As everyone’s circumstances are different, this is one of the most difficult questions to answer. There are many superannuation and retirement options available, and no dollar amount will suit all situations.

Below are some items to consider when determining the amount you will need for retirement.

  • What are your living expenses?
  • Will you have some form of paid work?
  • What type of assets are you comfortable investing in? 
  • Will you be eligible for the Age Pension? 
  • Do you own your home or are you renting? 
  • You life expectancy and health care needs
  • Do you plan to travel in retirement?

The answers to these types of questions will have a major impact on how much money you will need in retirement.
Research completed by the Association of Superannuation Funds of Australia (ASFA) suggests that the below table is a good indication of how much you will need to retire:

Modest Retirement - a little better than the Age Pension, but still only able to afford fairly basic activities

Comfortable Retirement - enables a healthy retiree to be involved in leisure and recreational activities, with a good standard of living and travel

 $33,784 per annum for couples

 $58,326 per annum for couples

 $23,489 per annum for singles

 $42,597 per annum for singles

Source: ASFA Retirement Living Standard, March quarter 2014 and assumes retirees own their home outright.

The key to successful money management and superannuation strategies lies in planning, and at Qantas Credit Union we have a dedicated team to help you look ahead and prepare for the future to help you build prosperity and security for retirement.

Talk to us

If you’d like to talk to us about your superannuation strategies, savings accounts or just help on budgeting, call us today on 1300 747 747 or visit our website

Qantas Credit Union

The information in this article is of a general nature and does not constitute advice in relation to any investment or purchase of a financial product. It has been produced without taking into consideration your personal financial circumstances, objectives or needs. Prior to making any investment or purchase you should conduct your own investigation and analysis of any benefits or costs associated with such and read the relevant product disclosure statement. You should seek your own independent legal and financial advice. Qantas Staff Credit Union Limited trading as Qantas Credit Union ABN 53 087 650 557, AFSL/Australian Credit Licence 238305.