I am looking to retire this year, how much would I need in Super to comfortably survive without a pension? Should I leave retiring to post COVID 19?
Sally, in Sydney, NSW
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Let’s tackle the “how much super do I need” first...
The best advice I can give you is to go to this independent website; it will help you work out what income you will require in retirement.
Every person lives a unique lifestyle, so to generalize what you “need” would be a disservice. AFSA have completed a benchmark for modest & comfortable lifestyles here; I hope that helps guide you.
I would not discount the commonwealth pension - many people blend the Commonwealth pension along with their retirement savings to achieve their desired retirement income. Given it sounds like your retirement decision is very much imminent (in the next three years), I would highly be recommending getting some professional advice.
With regards to when you should retire, I always discuss with clients the trade-off between continuing to work & what retirement will allow them to do. My gut feel is by doing the homework above; you will be in a better position than me to work out when you should retire. Keep in mind that prioritizing your goals is a great strategy – you may be able to trade off your lower priority goals to stop work earlier, or vice versa.
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