What income is required for comfortable retirement?

We all need to know:

How much it would cost to live in retirement with the lifestyle we want to have
Are we spending more than others – we all like to compare and,
What is the amount of money we should have to be provided with income for lifetime?

According to ASFA:

If you are in the age bracket between 65 and 84, in order to have a comfortable lifestyle as a couple you need an income of $70,482 or as a single $50,004.

To have a modest lifestyle you need an income of $45,808 as a couple and $31,785 as a single

If you are over the age of 85, then your income for a comfortable lifestyle drops to $64,536 and for singles $46,618

And the modest lifestyle for over 85 requires an income of $42,127 for a couple and $29,378

Now ASFA has gone a step further and is advising exactly how much you need to have saved as a lumpsum in your super for example to have this modest or comfortable lifestyle:

As a couple at age of 67 you require a lumpsum of $690,000 to have a comfortable lifestyle and as a single $595,000.

To have a modest lifestyle, all you need at age 67 is $100,000 in either case, whether you are single of a couple.

Let’s put those numbers to the test to see what income you can rely on, where the income is coming from and how long could you enjoy this lifestyle with income increase annually based on inflation.

VIDEO Mentioned:
What income do I need in retirement    • What income do I need in retirement #...  

1. Detailed budget breakdowns in March 2023 https://www.superannuation.asn.au/Art...

2. Retirement Standard https://www.superannuation.asn.au/Art...

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