• HOSTPLUS
Pension Updated 15 March 2012

Retirement advice

In days gone by, work and retirement seemed a lot more clear-cut

People typically held the same job for 30 or 40 years, then retired.

Today’s reality is far more complex and it’s an unfortunate fact that few Australians actually enjoy a comfortable retirement as many rely partly or solely on the basic income provided by the Age Pension.

You have options

Australians approaching retirement age now have a much wider range of options available to them as to how they choose to plan for and fund their retirement. 

For example, you don’t have to stop working completely if you don’t want to. As for finding ways to spend your days when you finish full‑time work – well, the sky’s the limit. 

But most people find deciding what level of income they need in retirement, and how to organise it, quite challenging - that's where we can help.

Modest vs. comfortable? How much do you need?

According to the Association of Superannuation Funds of Australia (AFSA) Retirement Standard benchmarks calculated in December 2011, a comfortable lifestyle for a couple, including entertainment, a car, new clothes, private health insurance and holidays, can cost about $55,249 a year. A modest lifestyle in retirement may be a better lifestyle than provided by the Age Pension, but may be limited to fairly basic activities and could require $31,675 a year per couple.

Learn more about the ASFA Retirement Standards

Generally, if you’ve been living on an above average income and have paid off your home loan, you might need about 67% of your pre-retirement gross income per year to maintain a lifestyle you consider comfortable in your retirement.

Our view is that you should aim to receive retirement income from a variety of sources such as your super, other non-super investments, such as term deposits and rent, and consider part-time or casual income which, put together, would achieve your desired level of after-tax income in retirement.

  Modest lifestyle - couple   Comfortable lifestyle - couple  
  Transport  
  Bus
$94.82		   Car
$140.02		  
  Food  
  Wine
$154.56		   Barbecue
$191.86		  
  Travel  
  Beach
$109.36		   Boats
$304.83		  
         

Expert advice is the smart way to go

It's never to early or too late to plan for your retirement.

Head to our ‘Advice’ section right now to find out how we can help you plan your retirement. 


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