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Retirement Checklist
Added: (Tue Jun 24 2008)
Most people look forward to their retirement, but if they must constantly strive to make ends meet, what should be a happy and fulfilling time of life may be less than enjoyable. To find out if you will have enough to live on when you retire you need to do a budget right now. If you plan to retire at age 65 and want $34,000 per year to live on, then you need to have saved an estimated $476,000. Many people look forward to an early retirement, but don't forget that means you have even longer to live without earning an income; therefore you will need more savings.
Of course you may be eligible for a Centrelink retirement payment, but will this be enough? In July 2007 the age pension amounted to $23,000 per year for a couple; $14,000 for a single. These figures change frequently, so check out the latest at their website.
To find out what you need to live on in your retirement, you need to take several factors into consideration. Will you still have debt that must be paid off? What about the state of your car? You may need to purchase another one during your retirement years. What plans do you have for leisure pursuits such as travel? It's a good idea to get professional advice to make sure you have everything covered.
Need to get started on an investment? Look into managed funds Australia and term deposits rates on RaboPlus (http://www.raboplus.com.au) to start building your wealth.