E14: How much income will I need in retirement?

It’s the burning question, how much will I need to have a comfortable retirement?

In this episode of Money Extra, veteran financial adviser Noel Whittaker explains there’s no one size fits all answer.

It depends on your health, inflation, how much you can earn on your money through superannuation or investment, are you single or in a couple, and the hardest to predict – how long you might live. Whether you own home is also a big factor.

If you are still working, Noel suggests you draw up a budget and deduct all the expenses you won’t have in retirement, for example travel costs, work clothes and perhaps lunches.

However, be cautious about retirement calculators offered by superannuation funds.

Research by the independent non-profit group Super Consumers Australian has found that estimates by the superannuation industry on retirement incomes are too high, and have called for new, lower and more realistic targets.

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