Planning for your Retirement

Home / Retirement Solutions

Retirement Solutions

Australians are living longer and healthier lives than ever before1, so when it comes to planning for retirement, making sure you have enough money to cover you comfortably throughout your golden years is critical. Inflation, unexpected illnesses, and life’s general surprises can all affect your savings in your retirement years.

There are varied ways to support yourself financially during retirement, including:

  • taking your Superannuation out as a lump sum
  • using personal savings
  • receiving government support such as the age pension
  • taking advantage of investments
  • protecting yourself with an annuity
$1,154 is the weekly living cost for a couple living a comfortable retirement in Australia. $819 is the weekly cost for singles.2

Australian Seniors takes a further look at annuities, to help you decide whether this could be a way to support yourself once you stop working. Have you ever considered investing in an annuity for retirement? It’s a simple way to ensure a guaranteed income for life, to support your lifestyle when you stop working.

What is an annuity?

It’s a simple and secure financial product that gives you a regular income over a period of time in return for a lump-sum investment. You can buy an annuity using money from your superannuation (if you’ve reached the age at which you can withdraw it) or your personal savings.

This guaranteed income can make sure you’re getting a consistent amount of money regularly during your retirement, which can protect you from outliving your personal savings or investments.

It’s never too early to get financially prepared for your future. Annuities are one way to invest your money so you can make sure your retirement years are free from money stress with a regular, guaranteed income stream . Discover more about this retirement income solution to see if it’s right for you.


References

  1. Life expectancy hits a new highAustralian Bureau of Statistics
    http://www.abs.gov.au/ausstats/abs@.nsf/lookup/3302.0.55.001Media%20Release12013-2015
  2. ASFA Retirement Standard ­- Detailed budget breakdownThe Association of Superannuation Funds of Australia
    https://www.superannuation.asn.au/ArticleDocuments/269/ASFA-RetirementStandard-Budgets-Mar2018.pdf.aspx?Embed=Y