Everyone is different and I believe it's best to start with what you're currently spending.
First, subtract any expenses you'll no longer incur when your retired; don't need to park at work anymore; good-bye monthly donations for colleague birthday's you don't even see; maybe you'll only need to fill up your fuel once every couple of weeks now you're not driving to work every day.
Next, you'll need to add in the additional things you're wanting to do with your extra time, things like regular holidays you intend to take, maybe you've got a new hobby you'd like to start or maybe you can finally start working on getting that handicap down. Whatever it is think about how your spending may change, it's not uncommon for your spending to stay the same as you find ways to amuse yourself, sometimes expenses can go up!
In saying that, there are some estimated amounts guided by the Australian retirement standards association, but I caution on using anything less than the comfortable retirement estimate. Especially in your early years of retirement, that's you chance to finally break free of the 9-5 and do all the things you've been dreaming.
Here you can view their latest estimates Retirement Standard - ASFA (superannuation.asn.au)
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An investment strategy is a documented plan that outlines how your SMSF will achieve its investment objectives while considering the fund's circumstances and the needs of its members. This strategy should guide your investment decisions and help ensure the fund is on track to meet its retirement goals.
A Self-Managed Super Fund (SMSF) offers an unparalleled level of control and flexibility for managing retirement savings. It is a type of superannuation fund in Australia that provides individuals with the ability to manage their own superannuation investments. Unlike retail or industry super funds, SMSFs offer complete control over investment decisions. This level of autonomy allows members to tailor their investment strategies to suit their personal financial goals and risk tolerance.
Managing an SMSF involves several responsibilities and regulatory requirements. Also, SMSFs offer a high degree of control and flexibility and come with significant responsibilities and risks.
While pure life insurance is straightforward, the other personal insurances may differ significantly from policy to policy. Definitions of diseases may vary. There may be a range of optional extras – some valuable, others more of a gimmick. With TPD insurance, you may have the choice of ‘own occupation’ or ‘any occupation’. Insurance companies vary in the speed with which they process claims, and beyond that is the question of which insurances should be held via a superannuation fund and which should be held directly.
