When it comes to being able to retire comfortably, there’s no magic figure as everyone is different; but there is a goal to aim for if you want to make the most of your retired years.
Some speculate you need at least $1 million to become self-sufficient, others claim much less. So what’s the estimate?
According to the the Association of Superannuation Funds, couples need around $640,000; singles need $545,000.
Are you on track?
If not, here are a few tips on how to retire comfortably:
- Think about your current budget. Are there any things you can trim back on to save?
- Any money you save, add it to your Super account (keep in mind that if you wish to add more than $10,000 a year in contributions to your Super, you need to discuss this with your accountant or tax agent.
- If you prefer not to use it for Super, buy some stocks instead.
Any investment for your future, is a good investment.
If you want to know more, visit moneysmart.gov.au and use their retirement calculator.
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