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How Much Super Will You Need In Retirement?

As you approach retirement, you should make plans to ensure that you can truly enjoy your golden years. One of the most important aspects of retirement planning is, of course, deciding how much money you will need to live comfortably. Completing a few simple steps can help you ensure that you are ready for the future. Remember that superannuation consolidation is particularly important the closer you get to your target retirement date.

First, think about superannuation and super consolidation basics. Have you tracked down any lost superannuation? Have you started rummaging through your old documents and paperwork? This is boring but extremely important first steps in your retirement planning. If you're having a hard time locating your lost superannuation, contact a reputable financial advisor who specialises in locating and consolidating your lost superannuation.

Second, calculate your overall cost of living. Do you have mortgage on your home or are you renting? Is downsizing into a smaller, less expensive home now a viable option as you’ve gotten closer to retirement? If you do have a mortgage, you may have valuable equity locked up in your home, and now could be the right time to use it. You’ll also need to calculate how much money you plan to spend every month on food, toiletries and other essentials.

Remember to plan for fun too. Set savings goals that take into account cruises, trips and other diversions. A little planning today will go a long way towards securing your retirement bliss.

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