The retirement savings safety measure

Are your savings on track for a comfortable retirement? Here’s how to check.

Summary: ASFA calculates that a home owning couple will need $58,444 per year for a comfortable retirement, which means the couple needs $1,299,000 of investment assets if they withdraw at a rate of 4.5 per cent. In order to be on track for a comfortable retirement from age 60, the couple needs assets of 4.5 times their retirement income at age 40, and 11.25 times their retirement income at age 50.

Key take-out: Savers who are behind at any stage can increase contributions, while savers approaching retirement can use the transition to retirement strategy to provide a final boost.

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