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Once you’ve worked out the retirement lifestyle you want, it’s time to think about whether your current saving levels will get you there. 

If you’re not sure how to do that, you may want to use some of the MoneySmart tools to help with your calculations:

  • Use the Superannuation calculator to input your current superannuation details, and it will provide a ballpark value of your account when you retire based on the information you input.
  • Use the Retirement Planner calculator to help you approximate what your income is likely to be from your super and the Age Pension (if you qualify) when you retire.

How long should it last?

You don’t know how long you’ll live, so you don’t know whether to spend up big early in retirement and hope that the Age Pension will be enough in later years, or to be more careful with your money, so that it lasts as long as you do. 

It’s good to understand that there are generally three stages of retirement, and how you spend your money in each stage can be entirely different:

  • Active years: when you’re likely to spend a lot of money, enjoying your retirement, travelling or doing the things you’ve looked forward to.
  • Sedentary years: you’re getting a little older and less active, so you’re more likely to spend more time at home. You’re slowing down and this generally means your spending slows down too, as you’re not spending as much on lifestyle and leisure.
  • Aged care years: as you approach or get to your latter years, you may need to rely on assisted living. You’ll need to consider how you’ll fund this, so that you don’t need to rely on family to help you.

Next steps

By now you have either confirmed that you are on track or have identified that you may have a gap to fill. The good news is that there are options available to you.

Click here to view our article which addresses the question, “what to do if there is a gap in my retirement fund?”

Important information

This is general information only and is not intended as financial, medical, health, nutritional or other advice. You should obtain professional advice from a financial adviser, or medical or health practitioner in relation to your own personal circumstances. This information was prepared by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). A copy of the Product Disclosure Statement can be obtained by contacting Resolution Life. This general advice has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of this information in light of your circumstances. This advice is based on our understanding of current law as at July 2022, and is based on its continuance unless stated otherwise. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. Resolution Life do not actively monitor breach of superannuation contribution caps. You should keep track of the contributions made to your account in respect of the caps applicable to you. You should obtain professional advice before acting on the information contained in this communication. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Resolution Life is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.

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