Our financial planners in Newcastle are often asked what you need to retire in comfort. If you want to retire in comfort, you may need more money according to the latest figures released in the Association of Superannuation Funds of Australia (ASFA) Retirement Standard.
A couple looking to achieve a comfortable retirement will need $55,316 a year to meet their needs, whilst those seeking a 'modest' retirement lifestyle will require $31,767 a year. These retirement figures for the September 2011 quarter have increased by 0.7% over the June 2011.
Whilst there was a slight decrease in cost of food in the September 2011 quarter, there was an overall increase of 6.4% for the year to September 2011.
Budgets for various households and living standards (September quarter 2011)
Source: ASFA Retirement Standard, September 2011
If you're looking to plan for your retirement it's important to have good financial advice, with the variety of options available in superannuation from self managed super funds, industry funds and the like through to property investment, stocks and shares it's sometimes hard to plan accordingly and particularly to assess the risks and opportunities. Our financial advisors at Leenane Templeton help to identify the right strategy for you and your family according to your attitudes and stage in life. Call our team today on 02 4926 2300.
To plan your retirement speak to our award winning financial planner in Newcastle Andrew Frith
Don't forget to ask about our SMSF solutions for your retirement, particularly as the change to superannuation laws now allow self-managed superannuation funds to borrow within a SMSF.