• Timing - when do you want to retire?
  • Lifestyle - how will you spend your time, where will you live, what matters most to you?
  • Cost of living - what expenses will change after you retire?

What kind of lifestyle do you want?

Can you estimate how long you will be retired?

  • Our calculator will help you estimate your life expectancy - plan that you will live longer than the average, when calculating your retirement needs.
  • Consider whether you would like to continue working in some capacity - maybe you don't want a full retirement straight away.

What other income is available to you?

So how do you work out what you need?

  • Use the ASFA data above: $595,000 for a single or $690,000 for a couple (as at March 2023).
  • smartMonday has both a retirement budget planner and a modelling calculator available to help you.
  • Knowing your current expenses, and looking at what will change is a good way to begin planning.
  • Transition to Retirement account can help you top up any income lost through making additional pre-tax contributions to your super accumulation account.
  • The Age Pension is a safety net and many Australians are eligible for a full or part pension payment.
  • Consider making additional super contributions, delaying retirement, changing lifestyle and income expectations, or selling assets.
  • it could affect your Age Pension entitlement
  • if you’re audited by the tax office you could be up for repaying tax on undisclosed income and be penalised
  • if you rent out your home or use it for your business it could affect your capital gains and land tax liabilities.
  • the need for insurance to cover people working for you or for public liability.
  • Kidults. Statistically children are living with their parents longer
  • Weddings
  • Grandchildren
  • Financial support of children - eg. Helping them get a home deposit together
  • Illnesses and accidents