Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
How much super do you need to be comfortable? What about the aspirational figure?
If targeting a comfortable income in retirement, this figure has been assessed as approx. $61,500 p.a. for a retired couple aged 65, while for a single this figure is $43,500 p.a. The lump sums required to achieve these figures are approx. $750,000 for the couple; $640,000 for the single female retiree and $580,000 for the single male. The reason a larger balance is required for the female is due to her longer life expectancy.
If we are targeting an aspirational level of income in retirement, this has been assessed at $70,000 p.a. for single 65 year old retirees, while it is $100,000 for retiree couples. Again due to their longer life expectancy, the relevant lump sum required is $1,430,000 for females; $1,340,000 for males and $2,000,000 for a couple.
"You must have a game plan. If you aim at nothing, you will hit it every time." –Dave Ramsay.