Calculating what you will need
The annual income you’ll need in retirement will depend on what sort of lifestyle you want. Replacing your car every five years and taking overseas holidays costs more than road trips around Australia and sticking with the car you’ve got, so make the time to do an honest budget for the lifestyle that suits you.
For your retirement budget, you’ll need to remember that what you spend your money on today might change in retirement. Your work expenses will dramatically reduce or disappear, but you may spend more on things like medical costs, travelling and hobbies. To help determine your retirement income needs, use our Budget planner.