How much superannuation do I need to retire on $65,000 a year?
When it comes to superannuation, it's better to have a bit extra than not enough when retirement comes around.
But how many superannuation dollars are sufficient?
A fair dinkum, a single bloke could live it up in retirement on around 52 grand a year, but a couple would need about 73 grand in total to enjoy the same lifestyle.
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The comfortable retirement standard lets Aussies keep a good quality of life after they finish work. It covers things like groceries, transport, and home maintenance, as well as private health insurance, a wide range of hobbies and leisure activities, and the occasional overseas dinner. What's more, it lets retirees stay connected to loved ones through tech, and/product see them in person with a trip back home each year and to internationally every seven years.
) Boeing 787 Dreamliners.
Generally, it's arguable that an annual retirement income of $65,000 would be necessary.
How much superannuation do you reckon you'll need for your retirement to live off at the level you're after each year? Let's have a crack at crunching the numbers.
Sixty-five thousand dollars a year from superannuation
At the moment, the age an Aussie can retire at is 67 years of age.
If you're wanting to retire and have a annual payout of $65,000, you'll need to start making financial plans for it.
For your retirement fund, you'll probably need a superannuation balance of around $1.45 million. This cost would draw approximately $65,000 in yearly dividends.
A fair dinkum thing to remember is that this assumes you're after keeping your super balance on the up or even beefing it up, rather than chipping into your super each year with your withdrawals.
Presumably, you could get by with a smaller sum and live off a combination of dividend income and the proceeds from selling shares.
A balance of $1.2 million would give you $54,000 in annual dividend returns, assuming everything else stays the same. At this stage, you could withdraw some or the full amount of your capital gains for the year (if you've made any) to top up your income.
How to get there
If your super balance is looking a bit on the lean side compared to these numbers, but you have time working in your favour, don't stress.
A 45-year-old single individual who's starting from scratch could get to a $1.4 million balance by investing $1,800 per month in the stock market through ASX shares if they manage an average annual return of 9% over 22 years.
The key is to focus on investing in top-notch companies that have bright long-term prospects and sustainable competitive advantages. And it's best to start as soon as possible.
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This article contains general investment advice only (under AFSL 400691). It is authorised by Scott Phillips.
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