The amount that you need to save between now and retirement depends on what you might receive from your pension and Social Security, and what your investments could earn between now and the time you retire.
Many retirees depend on part-time work as a major source of their retirement income. So, if you do not plan to work during your retirement, you may well need to reassess your superannuation to determine whether you are saving enough to meet your retirement objectives.
Some of the other things to consider are:
- The earlier you plan to retire, the longer your money will need to last
- Whether your home and any other large debts will be paid off
- Whether you will work part-time or on a casual basis in retirement
- What you want to do in your retirement years and how much this will cost
- What capital expenses you will have in retirement (eg a new car, house repairs), and how much you will need for these expected, as well as unexpected, expenses.
If you or a family member is considering retirement planning and beyond, get in touch with us.