How much you need to save for a high standard of living in retirement
People's advocate Super Consumers Australia has started a new campaign with the goal of calculating exactly how much Australians need to have saved to enjoy a comfortable retirement.
It was found that retirees are not confidently spending their savings due to the fear of running out of money. In reality, many retirees have a grossly inflated expectation of exactly how much money they should have in savings for retirement.
Super consumer Australia’s calculations have shown that couples who retire around age 67, and who want to enjoy a high standard of living, will need to save just over $1 million by the age of 65. This would enable them to comfortably spend $2808 per week.
For a single person who wants to enjoy a high standard of living in retirement, say spending $1923 per week, would need to have saved $758,000 by age 65.
Comments