by It can be very difficult to get the right balance of spending vs saving when you first retire. If you spend too much early on, your assets may run out too soon. But if you don’t spend enough early on, sometimes can stop you from doing those things you had intended to do.
The Association of Superannuation Funds of Australia (ASFA) estimates that a “comfortable” retirement income is $73,077 for a couple and $51,805 for a single up until age 84 – (ASFA Retirement Standard Detailed Budget Breakdowns December Quarter 2024)
The estimates from ASFA are a useful starting point, although they are based on averages and may not be accurate for your circumstances.
- What if you don’t own your own home?
- What if you want to travel in your first few years of retirement?
- Will my assets keep up with my expenses if inflation takes off again?
At BKM Wealth, in addition to having a “comfortable” retirement, we set out for clients to have a confident retirement too. We understand what our clients value the most: having confidence in their retirement spending and knowing that their regular income amount will be there in their bank account on the day they expect it.
If you or someone you may know is concerned about their financial position, feel free to reach out to us at BKM Wealth and book a meeting with our financial planners.
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