How much money do you really need to retire in comfort?
We talk through all the magic numbers and teach you how they work.
If you're heading toward the next phase of your life, you've probably asked yourself this big question: How much money do I really need to retire comfortably? Today I tackle it head on. Is there a magic number? Will I ever be able to quit my job or start stepping back from full time work? How do I work it all out for myself?
This week I have invited radio personality and weekends presenter at 4BC 882, Spencer Howsen back onto the show to chat about money with me, and help me break down this big and important topic. With Spencer’s help I take a deep dive into how to plan for your retirement and build your own set of numbers, explaining how to build a vision for your retirement years and then calculate your numbers against that vision. He’s a blessing in disguise, making this tough topic much more relatable.
Listen now
LISTEN HERE - LATEST EDITION (S1E5) - OMNY
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Highlights:
Understand how much money you need to spend each year on living expenses to have a comfortable retirement, based on the benchmarks, so you can start to explore your own needs and wants, and understand what you can afford to dream about.
Consider how much you need to have in your superannuation account before you retire to generate a comfortable retirement income.
Learn the fundamentals of how your superannuation works, and what you need to be paying attention to to maximise your compound investment goals over the years before retirement, and in the years after it.
Find out the formula to help us build out our own budgets, including free access to the helpful epic retirement budgeting template, which is available for download here: https://epicretirement.com.au/budget/
Explore the things that can change or impact our retirement planning in the economy that we don’t have much control over, and how we can manage them.
Understand when you might want to get the help of a financial adviser.
This is one of those topics where there’s no ‘right answer’ only your answer, so I feel it’s important to give you the formulas and tools so you can take the time to work through it yourself.
Many thanks to Spencer for being such a great friend of the show and helping us navigate the tricky topics in a friendly and relatable way. I hope you enjoy his company as much as I do!
So, go now and have a listen! And please, consider leaving us a rating and a review - and sharing the podcast with your friends! ★★★★★ It’s hard to believe but our Prime Time podcast has been making it into Apple’s top 100 each week so far - and that’s because of you, our wonderful community! Thanks for getting behind it.
If are enjoying Prime Time with Bec Wilson, or have feedback, ideas or thoughts on things you’d like us to cover, drop me an email at bec@primetimers.net.
Together let’s make our prime time count.
Many thanks! Bec Wilson
Author, columnist, retirement educator, and keynote speaker
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THE IMPORTANT STUFF: The information provided in this podcast about pre-retirement and retirement is intended to be general advice and for educational purposes only. It is not personalised financial, investment, or legal advice and Bec Wilson is not a financial adviser. The content presented is based on facts, research and our understanding of current laws and regulations, which may change over time. We recommend consulting with a qualified financial advisor, accountant, or legal professional before making any financial or retirement-related decisions. We make no representations or warranties of any kind, express or implied, regarding the accuracy, completeness, reliability, or suitability of the information shared. Listeners are solely responsible for their own actions and decisions based on the information provided in this podcast.
Hi Bec. I've been listening to your podcasts. Congrats, you're doing a great job. This podcast however only affects people who are well off & who will not receive a pension. I'd like to bet there are more people who will require the pension to survive retirement. Maybe you could do another podcast for these people? I know it's hard to cover everything in such a short amount of time. Just another point, it's all hypothetical to make out that Super is always going to save your soul, go back to 2008 when many, many people lost a large amount of money. Nothing is guaranteed!