How’s your financial fitness?

Being ‘financially fit’ is a big part of living, superannuation is with you for life and can go a long way to ensure you can enjoy your retirement.

16 Mar 2020

As super is with you for life, it is important to understand how it works. A good first step is to understand how much you need in your super to support yourself in retirement.

The Association of Superannuation Funds of Australia (ASFA) finds to support a ‘comfortable retirement lifestyle’ a single person should have at least $545,000 in retirement savings (or $640,000 for a couple), which would support a budget of roughly $44,146 a year (or $62,269 for a couple) for those aged around 65*. ASFA defines a ‘comfortable’ retirement as having involvement in a broad range of leisure and recreational activities—including the occasional overseas holiday—the ability to purchase household goods, private health insurance, and a reasonable car. As well as being able to splash out on good clothes, nice restaurants, and health and beauty treatments every now and again.

Most funds will require you to reach a certain age—called ‘preservation age’—before you’re able to access funds for super purposes. Your preservation age can be found in the table below.

Before 1 July 1960

55

1 July 1960 – 30 June 1961

56

1 July 1961 – 30 June 1962

57

1 July 1962 – 30 June 1963

58

1 July 1963 – 30 June 1964

59

From 1 July 1964

60

 

So, what can you do to ensure you’re well-equipped for retirement? There a range of services CSC offers its members, these include education sessions, online webinars and financial advice services.

What are you waiting for? Stay on top of your super and be ready to get financially fit!

* https://www.superannuation.asn.au/resources/retirement-standard

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