{"id":2219,"date":"2023-08-10T00:44:36","date_gmt":"2023-08-10T00:44:36","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=2219"},"modified":"2023-08-10T23:52:34","modified_gmt":"2023-08-10T23:52:34","slug":"can-i-afford-to-retire-and-enjoy-the-lifestyle","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/lifestyle\/can-i-afford-to-retire-and-enjoy-the-lifestyle\/","title":{"rendered":"Can I afford to retire and enjoy the lifestyle?"},"content":{"rendered":"\n

Is your partner starting to talk about retirement, or are you beginning to feel it is time to step back from work?<\/strong><\/p>\n\n\n\n

Whatever the reason, you may be asking: can I afford to retire? It is a personal decision that requires a lot of thought and the need to understand the realities of retirement.<\/p>\n\n\n\n

The issue, of course, is how much money do you need so that you can sustain yourself into later life.<\/p>\n\n\n\n

A good starting point is being aware of the balance of their superannuation and looking at the option to salary sacrifice. A financial adviser can help you project how much superannuation you will have at your planned age of retirement and advise on whether you will be able to access a part or full Age Pension.<\/p>\n\n\n\n

The Association of Superannuation Funds of Australia\u2019s Retirement Standard states an average single person needs approximately $595,000 in superannuation before retiring, whereas a couple should have around $690,000. But this will vary based on your personal cirscuumstances.<\/p>\n\n\n\n

The other issue to consider is your housing. You may own a family home, which holds great memories, but may require more maintenance and upkeep than you are willing to manage in retirement.<\/p>\n\n\n\n

\n

The median house price (the sale price of the middle home in a list of properties ranked from highest sale price to lowest over a set period of time) in Australia\u2019s capital cities is currently, $787,815 and in regional areas, $587,851.<\/p>\n<\/blockquote>\n\n\n\n

Today, the family home is a key financial asset, and there are a number of ways the proceeds can fund your retirement.<\/p>\n\n\n\n

You could look at downsizing to a retirement village \u2013 where the average two-bedroom unit sells for 55% of the median house price \u2013 and free up some capital.<\/p>\n\n\n\n

After the age of 55, there are also a range of incentives to downsize including the tax-free downsizer concession and the Commonwealth Home Equity Access Scheme (HEAS).<\/p>\n\n\n\n

When people put together their retirement budget, it is advisable to think about having sufficient money for one-off expenses \u2013 a new car, a boat and trailer, or holidays.<\/p>\n\n\n\n

Remember: more money is always needed in the first 10 or 15 years of retirement than later on.<\/strong><\/p>\n\n\n\n

In short, try and calculate how much money you will need per year in retirement and assess it over a realistic lifetime. Then, compare against this amount against your income-generating assets.<\/p>\n\n\n\n

Money is not the be all and end all of retirement \u2013 but it helps.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Is your partner starting to talk about retirement, or are you beginning to feel it is time to step back from work? Whatever the reason, you may be asking: can I afford to retire? It is a personal decision that requires a lot of thought…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[69,18,71],"tags":[77,83,95],"class_list":["post-2219","post","type-post","status-publish","format-standard","hentry","category-home","category-lifestyle","category-money","tag-financial-advice","tag-retirement-villages","tag-tips"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=2219"}],"version-history":[{"count":2,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions"}],"predecessor-version":[{"id":2221,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions\/2221"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=2219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=2219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=2219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}