It’s one of the biggest questions for anyone considering their retirement: how much will I need to save to live comfortably?
We all want to have the best life we can in our golden years – but there’s such a thing as saving too much, as well. That’s why Super Consumers Australia has released a new set of targets for Aussies to aim for to ensure they have the standard of living they want in the future without needing to sacrifice too much in the present.
The aim was to provide a good “rule of thumb” for consumers to start their retirement planning journey, according to Super Consumers Director Xavier O’Halloran.
“We heard repeatedly in the research that people had grossly inflated ideas of what they needed to retire. People chasing inappropriate targets can end up with a much lower standard of living if they over save or don’t spend down as much as they can afford in retirement.
“Having credible targets, based on actual need, means people can confidently spend and get on with enjoying their retirement,” he says.
The table above should give you a rough idea of how much you need to save (or needed to save) by age 65, provided you own your own home – for more information, check out the report here.
