Is your super a perfect match for the life you love?
No matter how close or far away it is, it’s never too early or late to consider if you’ll have enough super to support the retirement you want. How much you’ll need is a tricky question. But it may get a bit easier to answer when you start to think about the things you’d like to be doing.
You're doing OK
You may not need a grand scale to live out your retirement dreams. A lifestyle of simple pleasures like one or two short breaks near home a year, eating out occasionally and spending time with kids and grandkids could be well within your reach once your super and other income generates $40,000 a year as a couple or $27,500 a year for singles. Are these ideas for winding down after work part of your retirement plans?
Everyone talks about how important it is to have a hobby. The good news is there are lots of options that don’t cost the earth. How about establishing a vege patch in the backyard and adding your homegrown organic produce to your favourite recipes?
Explore your city
It’s funny how we often only appreciate our city when friends from out of town come to stay. The parks. The art galleries. The free street entertainment. There’s much to enjoy and it doesn’t have to cost much getting around town. So when you stop working, will you start exploring?
Join the club
You might have hung up the footy boots a while ago, but you might still love to play a bit of sport. Signing up with a community club and trying a new game could have a lot of appeal, whether it’s a round of tennis, a game of bowls or laps in a swim squad.
Time to take comfort
Is kicking back and living life easy in retirement your goal? Living a comfortable retirement lifestyle could be easier once your super and other income generates $50,000 a year as a couple or $36,500 a year for singles. Are you looking forward to helping family and spending time with friends, and maybe turning your attention to ideas like these?
Do you love going to the gym? Maybe it’s not just the pilates, aerobics or circuit training options that keep you fit and motivated. It could also be the enjoyment of making new friends and staying in touch.
Full of beans
Have cafés become part of your daily life? Is there nothing you love more than a flat white and a table on the sidewalk where you can watch the world go by? You might even drop in on the weekend for a leisurely brunch with your buddies.
If there was ever a great time to explore what’s on our doorstep: it’s now! Just one decent break a year could do. Australia’s a big place so every 12 months you’d love to pick a new place, find the right deal and pack your bags.
It’s all going well
Now you’ve got the time, will retirement be your time to do the things you never had time to do while you were working? To live and do well in retirement could be easier once your super and other income generates $61,500 a year as a couple or $44,500 a year for singles. Will you treat yourself or throw yourself into new pursuits like these?
Cooking with gas
During working life it’s often hard to pursue your passions. But when you retire you might finally have time to throw yourself into cooking classes, learn how to paint or finally come to grips with a new language.
Will trading in your old car and getting yourself a new model with extra bells and whistles and oodles of new car smell be a part of your retirement celebration plans? The new model’s probably got heaps of warranty and better fuel economy. And anyway, you deserve it!
There’s so much of Australia and the world (once travel is allowed again) you haven’t seen. That’s why you’re hoping to enjoy regular short trips within Australia and a bigger adventure at home or, eventually again, overseas a year. The great thing about being retired is you can likely pick the time of year you want and lock onto deals early.
Living the life
Will retirement be when you truly live it up with regular travel, dining out and helping family along the way? A premium retirement lifestyle could be easier once your super and other income generates $77,000 a year as a couple or $58,000 a year for singles. Are you already planning ahead for dreams like these?
There’s probably nothing wrong with your old kitchen. It’s just that it’s old, right? So getting a new oven, changing the benchtop, retiling and repainting could be top of your retirement list. The kitchen is the heart of the home. You spend a lot of your time here. So your priority is to keep it looking nice.
Latest and greatest
Have you been a bit addicted to all things digital ever since you got your first tablet? When a smart watch or giant TV hits the shelves are you one of the first in line to upgrade? Of course, being an early adopter and staying connected in the 21st century isn’t cheap.
Have you been to Paris and now want to go back again and again? And then there’s the rest of the world: waterfalls and deserts and ancient ruins and tropical beaches. It might not be an option again for a little while yet, but it can’t hurt to plan to wing your way to as many places as possible, as soon as it is possible. You’ll probably need at least two things: a passport and a healthy super balance.
Will you have enough?
Which lifestyle are you dreaming of? And does it look within your reach?
Check out our Retirement forecaster to find out how long your super could last in retirement.
Try our Contributions calculator to see how you could be growing your super balance and getting on track to live your retirement dreams.
Talk to your financial adviser or get some advice through Sunsuper.
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