Do you ever think to yourself – how much money do I need to retire?
The best way to find out how much money is needed for retirement is by using a retirement calculator – this will help you estimate the rough costs of entering retirement and enable you to see if your superannuation or investments will cover your intended retirement lifestyle.
The use of a retirement calculator will not only predict how much money you will have upon retirement, it will also help you understand what retirement plan you will need to follow on the lead up to your retirement. This means you will understand the type of cash required to fund your ideal retirement plans.
This article is to be used as a guide to retirement calculators, explaining the benefits of using one and where to find the best retirement calculators in Australia for your planning needs.
It helps you understand:
- Retirement Calculators
- Retirement Planning
- Retirement Information
Retirement Planning is becoming more common, as people realise that to live is to spend, meaning we will need a lot of money for our retirement should we wish to live comfortably and enjoy our retirement from many years of working.
The concept of retirement planning is defined by the understanding that come a certain age in Australia, we are able to retire and withdraw our superannuation in a lump sum or via monthly payments – thus we need to ensure the money we have saved will not only meet our lifestyle needs, but also last for the remaining years we have to live.
Simple Retirement Calculator
With so many retirement calculators on the market, which retirement calculator is right for you? Well, after looking around at many different calculators we have narrowed it down to only a small handful that will help the majority of people looking for a retirement calculator. Your retirement calculator should be easy to use, never cost you anything and give you the information you require to understand how much money is needed for retirement.
Remember, these calculators are not as good as proper financial advice – so be sure to see a financial advisor about tailoring a retirement plan to your individual needs.
Retirement Savings Calculators
Ok now for the good bits, lets start looking at the different retirement calculators available.
The two above calculators are free retirement calculators designed to help you get a better understanding of your retirement plan.
To conclude this article, here are some of the main tips found on the internet around retirement and maximising your lifestyle.
Delay your retirement
You will be surprised how much more money you can save and make when you add 3-5 years onto your working life.
Do not give up full time work straight away
Transition into part time work for retirement to keep up social networking it is amazing how boring retirement can get after only a few months!
Consider an age pension from the Australian government
You can chase this up with Centrelink.
Ensure you keep your super invested for as long as possible
If you just withdraw your super in one hit, what is your game plan to keep it growing and earning you money? Speak with a financial advisor about how to make your money continue to grow come retirement beyond just sitting in a high interest savings account.
Consolidate your superannuation funds as soon as possible
Having your money consolidated means you pay less fees and can maximise the growth of your super in the one account. Be sure to Locate your lost super.
One Response for Retirement Calculator – How Much Is Enough?
Great Retirement Calculator advice!
I kept asking myself;
What age should I retire?
How much money will I need to retire?
What age can I retire at?
You have helped me answer these!