A lot of people living across the country do not have the proper planning to go in to retirement. This is surprising especially since Australia as a country has a lot of benefits for its senior citizens who are close to retirement. This is why we have put together a small list of tips and information that can help you plan for your retirement.
So the first thing you have to know is that in Australia, you do not have to worry about retiring by a certain age. This is a common issue in a lot of other countries but here you can very easily plan out your retirement for when you think you need it. There is no hard and fast rule for it. Major considerations for when you should start thinking about it do include your health, ability to work, financial situation, and your employment abilities. If you can keep going, then by all means do, and if you want to stop early then that is on you as well.
As for how much you should have saved up or have access to once you are retired? According to a retirement advisor safe amount is $43,317 if you are single and living alone and $60,977 if you are living with a partner and you are both retiring. This is the base amount that you will need access to yearly to live comfortably. If you have this then you will be able to live a very comfortable life.
To live a more modest life, you will need $27,648 annually if you are single, and $39,775 if you are a couple that is retiring. While this does not mean that you cannot do with more or less, these figures work well as a base.