How much do I need?
According to government estimates, you need to save 12 per cent of your annual income for the 40 years of your working life to give yourself an income equal to 40 per cent of your pre-retirement salary. And most of us want at least 60 per cent. So if you earn $50,000 now, a starting point might be to think of a retirement income of about $30,000 a year.
Without tax breaks and compulsory contributions from employers, few would have enough retirement income to ensure an adequate lifestyle. While you usually don't spend as much in retirement - no commuting, no office clothes, no school fees, probably no mortgage - you still want money in order to enjoy all those extra hours you have on your hands. Going out for dinner, enjoying the theatre, joining clubs and travel may constitute your retirement lifestyle. But these things cost money. If you fail to save enough for your retirement, there will always be a government pension, but that may not provide the lifestyle you want to lead.
By crownhomeloan.com.au
http://www.crownhomeloan.com.au/superannuation.php
