The problem with the world we live in today is that we don’t work through the issues related to securing a good income for the last part of our lives.

We have to think about things like increased life expectancy, high property prices and unstable job markets.

This is not a scare tactic but rather a timely reminder that its important to do your homework long before you retire.

Here’s an example Retirement Gap Planning Report for the year ended 30th June 2017 prepared by Joe:


According to the Westpac ASFA Retirement Standard Report (March 2016), the current figures for a 65 year old are as follows:

  • Comfortable retirement for a couple: $58,922
  • Comfortable retirement for an individual: $42,893
  • Modest retirement for a couple: $34,064
  • Modest retirement for an individual : $23,651

The Government age pension is as follows:

  • Payment rates for a couple: $34,252
  • Payment rates for an individual: $22,721

(Please note: This document takes a budget driven approach to the question of ideal retirement income)

The Rule of Thumb (The 60% to 70% Rule)


Retirement Nest Egg – Capital required for Desired Annual Retirement Income


Australians need around $1m in savings for a comfortable retirement.