The amount of money that Australians need to retire will depend on a number of factors, including their age, their lifestyle, and the type of retirement income they want to have. Here are some key factors that can affect how much money Australians need to retire:
- Age: The amount of money that Australians need to retire will depend on their age. The younger they are, the more time they will have to save for retirement and the less money they will need to save each year. On the other hand, the older they are, the less time they will have to save and the more money they will need to save each year in order to reach their retirement goals.
- Lifestyle: The amount of money that Australians need to retire will also depend on the lifestyle they want to have in retirement. If they want to maintain the same standard of living that they had before retiring, they will need to save more money than if they are willing to make some changes to their lifestyle and reduce their expenses.
- Retirement income: The amount of money that Australians need to retire will also depend on the type of retirement income they want to have. If they want to have a comfortable retirement with a good standard of living, they will need to save more money than if they are willing to have a more modest retirement income.
According to the Australian government, the average Australian couple aged around 65 will need around $60,000 per year to have a comfortable retirement, while a single person will need around $44,000 per year. These figures are just averages and do not take into account individual circumstances. It is important for individuals to plan for their retirement and consider their own unique needs and circumstances when determining how much money they will need to save.