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Retirement measuring up?

With the cost of living going up each year, it’s hard to imagine how much you’ll need for your retirement.

But, the latest figures suggest that if you’re aiming for a comfortable lifestyle in retirement you’ll need to save about $510,000 for a couple or $430,000 for a single person1. And, it would be even more if you want to enjoy some of the finer things in life.

So what will this amount afford you in retirement?

To find out, enter the Bridges Retirement Lab at http://bridges.com.au/retirementlab bridges.com.au/retirementlab, see how you measure up and whether you’re on track to live the retirement you want.

What’s the Bridges Retirement Lab?

The Bridges Retirement Lab is an online tool that lets you picture your lifestyle in retirement and select the level of comfort you envisage for your home, food, leisure, transport and health care.

You can then see if your savings, super and investment strategy measure up to meet the retirement lifestyle you want, view and download your results and see how financial advice can help you achieve your retirement goals.

Step 1 – Picture your lifestyle

Select the level of comfort you envisage for your home, food, leisure, transport and health care.

This step explains the different comfort levels and their associated goods or services. For instance, do you want to enjoy regular holidays? Do you want to update the kitchen or bathroom or your entire house? Eat out or entertain family and friends at home? How about private health insurance and maintaining a car?

Based on your selections, you’ll be placed on a lifestyle scale from low (modest) to high (comfortable plus)

Step 2 – Test how you measure up

See if your savings, super and investment strategy measure up to meet the retirement lifestyle you want. Roll up your sleeves, test out different scenarios and make the Bridges Retirement Lab work for you.

Budgets for three retirement standards

  Weekly payment
Standard Single Couple
Age pension $427.15 $644.00
Modest * $450.09 $647.57
Comfortable * $817.07 $1,119.31

*Source: ASFA retirement standard survey December quarter 2014. For more information and the latest figures visit the ASFA website www.superannuation.asn.au

Step 3 – View and download your results

This steps allows you to view and download your personalised results including tips on how you could increase your retirement savings and how a financial planner can help.

Visit http://bridges.com.au/retirementlab 

1 Source: ASFA retirement standard December quarter 2014. Assumes receipt of part age pension.

Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX Participant. AFSL 240837. Bridges is part of the IOOF group. This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making a decision based on this information, you should assess your own circumstances or consult a financial planner or seek taxation advice from a registered tax agent.

In referring customers to Bridges, Maleny Credit Union (MCU Ltd trading as), ABN 52 087 650 995 AFSL & Australian credit licence 246921 does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.