Retirement income

Retirement lifestyle

When planning for your retirement, the first step is to think about your desired retirement lifestyle, and how you will secure the cash flow to fund it.

Your budget should include:

  • Needs: Rent, mortgage payments, strata and/or council fees and levies, food, clothing, bills and health expenses 
  • Wants: Holidays, meals out, entertainment, gifts 
  • A 'rainy day' fund: A modest lump sum to have on hand for unforeseen costs such as car, home repairs or new appliances
  • Savings and estate planning: Putting money aside to provide for family and/or friends
  • Anything else that may be relevant to your circumstances

Our interactive retirement spending planner can help you calculate your expenses.

Once you've determined how much you need to spend, it's time to start thinking about how long your savings need to last.