Calculate how much you need to live on in retirement
Wed May 2 2007
The Australian --- Page: 7-8 : 2 May 2007 Original article by Gillian Bullock
ABIX Summary
Colin Lewis says Australian consumers should calculate what their retirement income will be if they make superannuation contributions now. A number of tools for this are available online from financial services providers such as AMP or from the Australian Securities & Investments Commission. Lewis, who is head of technical services at IPAC, notes that the two main factors are at what stage in life extra payments into super are made and at what age the consumer aims to retire. The yearly "Retirement Standard" survey shows that a comfortable lifestyle requires just over $A47,000 per annum, meaning that retirement at age 55 would need to be financed with a lump sum of $A782,327, but only $A627,581 at age 65.
