Let’s do a simple exercise…
• List your dreams for your retirement.
• Now pick a date you want to retire.
• Do you know how much money you think you need to meet that dream?
To maintain the same level of lifestyle you’re used to now, during your retirement years, you may need about 60% of your current income (in today’s dollars) as your annual retirement income. Age Pension age is 67, subject to other eligibility requirements. This is different from choosing when to retire.
With this in mind, do you think your plans are enough to meet that income need? It’s never too early to start planning towards your dream retirement.
