ANZ

Whatever retirement you dream of, you probably need to plan for it now. As Australians live longer, we require more money to sustain us into our retirement. The government provides tax incentives for people to accumulate wealth in superannuation.

Will you have enough?

Superannuation is a way of saving money while you’re working to provide income in your retirement.

As a general rule, in retirement you are likely to need an annual income stream equivalent to about 60% of your final year of employment’s income to keep you comfortable. That means that if your annual income is $50,000, you should generally plan for an annual retirement income stream of around $30,000.

Remember, depending on your age and health, your superannuation payout may need to last for around 20 years, so it’s important to get started now.