First Financial Services in Cairns provides retirement planning advice.
Over the past twenty seven years with the number of legislative, CentreLink and tax changes, retirement planning has become a very complex issue to understand for most Australians who prefer to have someone they can trust and rely upon to assist them with these matters. We are able to help our clients achieve the best outcome for their retirement income by using the assets they have together with maximising their CentreLink or Vet Affairs age pension entitlements and minimising the effects of income tax.
The results of the Westpac/ASFA research released in February, 2004 identified how much it costs for an Australian to have a comfortable lifestyle in retirement. Updated research on this data shows that the annual cost of living rose slightly in the December 2013 quarter. The new figures show that:
- a couple needs an annual income of $33,358 and a single person needs $23,175 to have a modest retirement lifestyle, and
- for a comfortable retirement lifestyle, a couple needs an annual income of $57,665 and a single person needs $42,158.
The budget for a comfortable retirement lifestyle generally includes costs that would enable an older healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of items including household goods, private health insurance, a reasonable car, good clothes, as well as domestic and occasional international travel.
The research was commissioned by Westpac from the Association of Super Funds of Australia (ASFA). It was undertaken in conjunction with the Social Policy Research Centre of the University of New South Wales.
First Financial Services in Cairns can help you determine how much income you want at retirement.
Comments are closed.