Start with spending
Look at the last 12 months of bank and card statements. Separate the essentials (rates, insurance, food, health) from lifestyle (travel, dining, helping family). Then think about what changes: the mortgage, commuting, kids.
Then add timing
- When do you want to stop, or slow down?
- How long might retirement last? Plan for a long life, not an average one.
- When can you access super (preservation age is 60) and the Age Pension (67)?
Then the gaps
- One-off costs: cars, renovations, health.
- Inflation and market risk, especially in the first years.
- Aged care later.
Try our super growth calculator. Moneysmart’s retirement planner is also free. Then get a plan.
Sources
General advice warning. This article is general information only and does not take into account your objectives, financial situation or needs. Rules and thresholds change; check the sources above. Consider the relevant PDS and our Financial Services Guide and seek personal advice before acting. FinForce is authorised under Financial Force Pty Ltd AFSL 238337. Shay has been authorised since 18 October 2011.