What Retirement Lifestyle Do You Envision?

Farm Protectors - Comfortable Retirement

What Retirement Lifestyle Do You Envision?

The golden question has always been “how much money do I need for retirement?” Today, we’re going to help you break down that question by the type of retirement lifestyle you envision.

One of the reasons why planning for retirement can seem overwhelming and completely different for different people is because not everyone has the same goals for when they retire. Some people want to travel the world, others want enough to live comfortably and take a few vacations, while others would just be happy having their home paid off and have their daily living expenses paid. Depending on which category you fall into, here is the information you need to get started.

According to asfa, if you want a comfortable retirement, single people need at least $545,000 in savings, while couples need at least $640,000.

A comfortable lifestyle may include:

  • Taking an annual holiday somewhere in Australia.
  • Eating out on a regular basis.
  • Driving a car that’s reasonably priced and reliable.
  • Being able to dress in nice clothes.
  • Being involved with entertainment or other leisure activities.
  • Being able to afford private health insurance.

Living a modest retirement may include:

  • Taking short vacations near where you live in Australia.
  • Not eating out very much or doing so inexpensively when you do.
  • Owning a car that may not be very reliable or is older.
  • Decent clothes that are reasonably priced.
  • Doing leisurely things seldom such as going to see a movie every now and then.
  • Being able to afford private health insurance.

Living on an age pension retirement:

  • Taking day trips to a close city, but not very often.
  • May be able to be involved in social club meals or takeout that doesn’t cost much.
  • Not owning a car, or not being able to afford repairs if you do own one.
  • Very low cost leisurely activities may be afforded but not very often.
  • Not being able to afford private health insurance.

 

As you can see, there’s a great difference in the type of retirement you can lead based on what you envision and how much you can afford based on the savings you’ve accumulated.

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