Thinking about when you can afford to retire? Or perhaps retiring sooner than you expected due to redundancy, family or health reasons? It's always good to regularly review your finances, your lifestyle and your retirement plans. Work out when or how you can afford to retire, and make sure your finances are best structured to support the lifestyle you want.
You will find these online retirement planning tools helpful, including a retirement calculator, superannuation calculator and pension calculator. You can work out how soon you can retire; how much income you will have after you retire; how to increase this; how to boost your super; and how much you need to live on, using these links:
These calculators are provided by ASIC, the Australian Government financial regulator, on their MoneySmart website. You can print your results and save multiple versions of the calculations for future reference.
The calculations provide estimates for planning purposes but they do not replace the need for personal financial advice, especially when you are making important financial and life-changing decisions. MoneySmart has a section on financial advice, including when to seek it and how to choose an adviser, as well as a booklet which can be downloaded.
You can find out how different sources of income in retirement will affect your eligibility for the Aged Pension by contacting a Centrelink Financial Information Service (FIS). FIS officers can talk to you about your finances and help you plan for retirement, and their services are free.
The MoneySmart website also has useful sections on: