As a general rule of thumb, Australians on above average incomes will need an income equal to about 67% of their pre-retirement earnings to maintain their lifestyle throughout retirement1. But if you’re planning a large expense—like an overseas trip—you may need more.
Keep in mind that if you're planning to retire at age 65 it’s likely you’ll live for another 20 years on average. The average Australian woman aged 65 has a life expectancy of about 87 years and men are expected to live to about 85 years2.
You may spend more than a quarter of your life in retirement and the quality of your lifestyle throughout that time will depend on how much money you have access to.
Use AMP’s retirement simulator to find out what your annual retirement income might be, how long your money may last and what you can do to maintain your lifestyle when you retire.
Our life expectancy calculator can help assess how long your money might need to last in retirement, taking into account your health, family history, diet, physical activity and lifestyle.
And finally, if you’d like help developing a financial plan to make the most of your income in retirement, speak to your financial adviser, who can advise you based on your particular goals, needs and circumstances.
If you don’t have a financial adviser you can use our find an adviser tool to locate one in your area, or call us on 131 267 so we can find someone to help you.
Getting ready for retirement
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Although the information in this article is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decisions. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.