This is the magic question and how much money you need in your retirement nest egg will depend entirely on how you want to live in retirement.
According to the Association of Superannuation Funds of Australia’s Retirement Standard 2018, to have a ‘comfortable’ retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.
The Standard is updated four times a year to take into consideration the rising price of items like food and utility bills, as well as changing lifestyle expectations and spending habits.
The Standard includes the cost of things such as health, communication, clothing, travel and household goods.
Please contact one of our qualified Financial Advisers at Go For Wealth to discuss your retirement planning needs.