Do you know how much you need to fund your retirement?
So, how much do you need?
The short answer is that for a comfortable lifestyle with holidays and steak dinners, a single person needs around $300,000 in savings on retirement. A couple will need a bit more, up to $400,000. A simpler lifestyle will require less: between $30,000 and $80,000 for an individual and up to $70,000 for a couple. *
So, where will that money come from?
This seminar, presented by Henry Ford, Director of Rutherford Rede, will provide you with a framework to help you understand the amount of capital required to be financially independent in retirement.
While every person has different needs and retirement expectations, some common considerations are:
- What age you expect to, or want to retire by.
- How long you expect (or hope) to live.
- The amount of money you expect or want to spend in retirement. Are you planning a large world trip to celebrate the end of your working life?
- The legacy you want to leave. Do you have dependents you need to consider?
- The amount of financial risk you are prepared to take. Are you a brave investor, or conservative planner?
- The degree of certainty you want your plan to have.
- We will provide examples of how all of this impacts to give you an indication of how much these factors make a difference?
There is no point in understanding what your assets are worth, if you don’t know how much you need them to be worth.
* Figures provided by Amy Hamilton Chadwick, Authorised Financial Advisor on Westpacs REDnews