There have been countless articles written about how much is sufficient to retire on.
The table below is thanks to Super Consumers Australia and illustrates what a low, medium, and high spender will spend, and the corresponding lump sum that is needed to enable them to draw this type of income in retirement.
In our experience these figures grossly underestimate what it costs if you are living in Sydney with a reasonable lifestyle.
To gain a better understanding of what income you will need, we created the concept of Dollars of Dignity, explained in more detail in our E-book – 5 Secrets to Building Income & Converting it into Wealth.
Once you have a better understanding of the retirement lifestyle you wish to have rather than the retirement lifestyle you have to settle for, you can go to our retirement calculator tool that has been designed and supported by Vanguard.
If you would like additional clarification or would like to make an appointment for More4Life to take you through how you can get to your required level of wealth, you can call our office on (02) 9939 0702 to book in a 15-minute Financial Freedom Blueprint call.