Can you afford to live your golden years in style? let’s do the math.

Figuring out if you have enough money to retire can be a bit confusing, but it’s all about what you want to do during your retirement years. There’s no specific amount you need to have saved up, and it really depends on your personal goals and situation.

Think about the kind of lifestyle you want to have in retirement. Do you want to travel, try new things, or just relax and take it easy? The more you want to do, the more money you’ll need to make it happen. For example, if you plan on living a simple life and just need the basics covered, you might only need $40,000-$50,000 a year. But if you want to do all sorts of fun activities, travel around the world, and enjoy a high standard of living, you’ll probably need closer to $70,000-$80,000 per year.

Luckily, there are organisations out there that can give you a better idea of what you might need. The Association of Superannuation Funds of Australia (ASFA) estimates that a retired couple aged around 65, in good health and owning their own home, would need around $40,383 per year for a modest lifestyle, or $61,909 per year for a comfortable lifestyle.

If you’re not sure whether you’ve saved up enough for your ideal retirement, don’t worry! You can always seek financial advice from a professional to help you figure it out. At Touchpoint Financial, we can look at your current situation and help you plan for the future to live your best life.