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How much superannuation do you need?
To answer this question properly you need to consider a range of issues. Use the following nine point check list to help work out how much you will need.
1. How much do you need to live on each year in retirement?
2. How much would you like to live on each year in retirement?
3. Do you own your own home?
4. How much do you have in superannuation savings?
5. How much do you have saved in other investments?
6. Do you want to leave an inheritance for your children?
7. How is your general health – do you require much medical attention?
8. How will you spend your time in retirement and will this require much money?
9. Many financial planners will indicate that 70% of your pre-retirement annual income will be needed for a comfortable life in retirement.
You may also wish to seek the advice of a financial planner.
Your AustralianSuper membership gives you access to commission-free, fee-for-service financial advice through Industry Fund Financial Planning.
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