Retirement planning covers how much superannuation is enough, planning for retirement, starting an income stream, claiming the Age Pension, making contributions while receiving a pension from a super fund, estate planning and looking after your family.
Retirement is the time to enjoy the fruits of your many years of labour, not a time to scrimp and save. You need to make sure you have enough savings in your superannuation to make your retirement a comfortable one.
Which raises the question: how much is enough?
The Financial Services Council believes most Australians will need around 62.5 per cent of their pre-retirement income to maintain their standard of living in retirement, multiplied by their life expectancy. At this stage of life, you shouldn’t have children to worry about, may need one less car and tax won’t be as big a burden if you structure your finances correctly. What you have has to last you a lifetime.