Retirement is an exciting stage of your life — it’s goodbye to the 9-to-5 and hello to more time for hobbies, loved ones and relaxation. But while the work stops, you’ll still need money to fund your lifestyle and expenses, so the real question is- How much will I need in retirement? Let’s look at ways to approach working out your retirement budget.

Drafting your retirement budget
You can use your current expenses as a guide to what your outlays might look like in retirement. Start by making a list of your monthly outgoings. If you’re not sure how much you spend, review your bank statements and note any regular payments and patterns. Now, consider what’s likely to change or stay the same. For example, your daily travel expenses might decrease since you won’t be commuting to work, while your grocery bills may remain steady. You could also think about additional costs that may arise over time, such as extras on pharmaceuticals and supplements.

The Association of Superannuation Funds of Australia (ASFA) provides a detailed breakdown of potential retirement budgets — it’s a great resource to map out the sorts of things you might need to fund, depending on the kind of lifestyle you’re hoping for.

Bigger retirement goals
It’s common to have some bigger goals set for retirement. Many people look forward to travelling, whether jetsetting overseas, taking an annual cruise or loading up the van to explore locally. Renovations may also be on the cards, or even a change of location. As these activities may be costly, you’ll need to factor them into your retirement budget yearly budget to fund one off expenses.

So how much will I need?
Listing your future goals and expenses can help you estimate how much you’ll need to fund your retirement. ASFA also publishes a retirement standard which shows the approximate annual cost of a ‘comfortable’ and ‘modest’ retirement lifestyle. For example, a couple who own their home would need around $70,500 p.a. to fund a comfortable lifestyle. If the same couple were happy with a modest lifestyle, $46,000 p.a. would suffice.

Where will your money come from?
Superannuation will likely be your main source of income during retirement, but you could also be eligible for a part or full government age pension. Investments outside super may also help cover your living expenses. Some retirees may consider downsizing the family home or taking on part-time work to boost their income by investing further funds into superannuation which allows for additional contributions over the contribution cap.

There’s a lot to think about — speaking to our Oran Park or Norwest/ Baulkham Hills office about your retirement plans can get you on track to optimise your finances so you can look forward to enjoying retirement. So why don’t you call us on (02)9188 1547 or email admin@rpwealthmanagement.com.au

You can even book a callback by clicking the link – Book here

If you like this article, you may also like:


https://www.rpwealthmanagement.com.au/9-ways-to-manage-investment-risk/

https://www.rpwealthmanagement.com.au/estate-planning-its-more-than-a-will/

https://www.rpwealthmanagement.com.au/3-ways-to-boost-your-pension/










The information in this website and the links has been prepared for general information purposes only by our office and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax, personal or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this website, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances.

Ronald Pratap

Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.

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I had the pleasure of meeting Ronald for my first consultation and he explained everything step by step to myself whi has no financial/investing experience.I was terrified of making a move to seek financial advise and he simplified it for me the best he could and left me with comfort in making the right decision by approaching RP wealth management. I'm excited for the journey ahead of taking control of my finances.Thanks again Ronald
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4 months ago I sought out advice on financial security, investments and retirement. At my 1st consultation I found Ron to be welcoming, friendly and professional. He was honest and upfront about the services he offered.Since then Ron and I have discussed options and strategies, combining my current financial situation and superannuation. His expertise, knowledge and access to a broad range of financial products helped in developing a personal customised plan.I'm very happy to recommend RP Wealth Management Ron and his team. They get 2 thumbs up from me.Thank you Ron for your support and guidance. I look forward to your continual advice in the future.
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Great team, very helpful.Ronald always goes out of his way to assist with any questions I have and there is constant engagement, great reporting and a real sense of the team being there to support and help you. I must admit I was sceptical about seeing a financial advisor, I had worried I was going to meet with some slick salesperson interested in cashing in on my inexperience and trying to sell me a bunch of things I didn't really need. Ronald was the complete opposite to this, he has been open and honest and genuinely interested in our goals, we will not be changing, and we will be sticking with the team at RP Wealth Management.
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I met Ronald in a professional capacity, and his willingness to share his insights and his enthusiasm for the work that he does clearly shines through. I'd highly recommend connecting with him if you're looking for an adviser who holds great integrity in the way they support their clients.
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Ronald is great communicator and very knowledgable with his financial advise. He helped my wife and I structure a better protection plan covering life insurance, trauma cover and income protection. Easy to discuss any questions we had and generally very helpful. I highly recommend talking with Ron!
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Ronald is a really easy going guy to deal with. He will go above and beyond to ensure he finds out all the details and gets you the best cover for your circumstances. Ronald made the process of getting Trauma Insurance and Life Insurance very easy - much easier than I thought and it was surprisingly cheaper than I thought it would be too. I really recommend you see RP Wealth Management.
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