How Much Money Do You Really Need In Retirement?
How Much Money Do You Really Need In Retirement? Question: if you’ve got twenty years left to retire and all you plan on doing is putting your money into savings, or indeed, superannuation, then how much of your current money, of your current income, do you think you need to be putting away every year for the next twenty years so that you can be on that income in retirement? How much of your current income do you need to be saving if you want to retire on the income you’ve got, and you’ve only got 20 years to go? The answer? 42%. Now, who’s saving 42%? Are you? Now, there are some people out there who are indeed doing it. Often, they are what we call empty nesters. So, they started their working life in their twenties, you know, 18-20. And they didn’t really put much money away because they were young and they weren’t forced to under superannuation. But then they started to have children in their 20s and they get into their late 40s, early 50s, and their children have left home. But then they realise at that point in time that they’ve only got 20 years left before they have to retire at 65, some people even less, and they’re wondering how they’re possibly going to retire, because the government doesn’t pay much in the old age pension anymore. In fact, the old age pension, for a single person at the moment, is $888. And if you’re in a relationship, you actually get less because you have to share the pension between two people. So it’s more than $888, but it’s not double. So you’ve got to be saving 42% of your income. Now, there are couples who are doing it. And what they’re doing is as soon as their children are moved out, they then both go back to work and they save one income whilst living off the other. visit our website: www.integritypropertyinvestment.com.au/ Legal Disclaimer: This information ('the information') is presented for illustrative and educational purposes only. It is not presented nor should it be treated as real estate advice, legal advice, investment advice, or tax advice. All investments involve risk and potential loss of money. If you require advice in any of these fields you should contact a suitably qualified professional to assist and advise you. Your personal individual financial circumstances must be taken into account before you make any investment decision. We urge you to do this in conjunction with a suitably qualified professional. Daimien Patterson, Integrity Property Investor Services, and their associated trading names, companies, researchers, authorised distributors and licensees, employees and speakers do not guarantee your past, present or future investment results whether based on this information or otherwise. Daimien Patterson, Integrity Property Investor Services and their associated trading names, companies, researchers, authorised distributors and licensees, employees and speakers disclaim all liability for your purchase decisions. You should do your own independent due diligence and seek the advice of qualified advisors before making any investment decision.
